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Energy transition: how deepwater companies are addressing it

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Offshore industry leaders agreed that investors are currently demanding that they advance the energy transition effort. As a result, deepwater companies are seizing opportunities to reduce their emissions and become environmentally resilient.

This topic was discussed at OTC Live: Securing a Sustainable Economic Case for Deepwater.

Energy transition, pandemic and standardization

Industry leaders from Chevron, Hess Corporation, BP, Kosmos Energy, and Dril-Quip, Inc, discussed in an Offshore Technology Conference (OTC) live, about:

  • Offshore investors expectations
  • COVID-19 pandemic consequences in deepwater activities
  • Importance of standardization in the energy industry.

Firstly, over investors’ expectations, experts concluded that asset diversification and efficiency in hydrocarbons use with smart-cash strategies will lead to a more sustainable future.

They also said deepwater companies should address energy transition with a leading position, due to the relevance of oil and gas to humankind, which they foresee will prevail for the next 20 years.

Even though investment focuses heavily on clean solutions, panelists also expressed the energy transition will not occur overnight. With gradual but consistent actions through different assets, major energy companies can address and learn from the change.  

Secondly, regarding the pandemic’s consequences in offshore activities, leaders said they implemented several strategies to contain cases from the beginning.

Therefore, actions like tests or mandatory quarantines were carried out due to their workforce’s well-being cruciality.

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Energy transition and its challenges

Furthermore, according to the participants, all their companies continue working through mid-time or remote schemes. Most of them are involved in delivering social assistance to their employees and the community, such as childcare services or computer donations.    

Some experts added that the 2013 Harvey Hurricane provided them with the experience to handle long-term remote work and that this scheme has proved to raise productivity.

Finally, another topic panelists addressed was the relevance of standardization in offshore activities.

In conclusion, experts expressed that agilization and standard norms, processes, and solutions could reduce costs — furthermore, technological collaboration results in high-priority in standardization processes within the sector.

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