Trends, insights, and future prospects of renewable energy integration within the oil and gas sector operations
1 Independent Researcher, UK.
2 Faculty of Science and Engineering, University of Hull, UK.
Review
World Journal of Advanced Engineering Technology and Sciences, 2024, 12(01), 152–167.
Article DOI: 10.30574/wjaets.2024.12.1.0207
Publication history:
Received on 01 April 2024 revised on 22 May 2024; accepted on 24 May 2024
Abstract:
The integration of renewable energy within the operations of the oil and gas sector has emerged as a pivotal trend driven by environmental concerns, regulatory pressures, and technological advancements. This review explores the current trends, key insights, and future prospects associated with the adoption of renewable energy in the oil and gas sector. Trends indicate a notable shift towards incorporating renewable energy sources such as solar, wind, and hydrogen into the traditional operations of oil and gas companies. This transition is motivated by the need to reduce carbon emissions, enhance operational efficiency, and diversify energy portfolios in alignment with sustainability goals. Companies are increasingly investing in renewable energy projects, leveraging their expertise and infrastructure to capitalize on emerging opportunities in the renewable sector. Insights gleaned from ongoing initiatives underscore the multifaceted benefits of integrating renewable energy within oil and gas operations. By deploying renewable energy technologies, companies can mitigate environmental impacts, optimize resource utilization, and enhance energy security. Moreover, the integration of renewables offers potential cost savings through reduced reliance on fossil fuels and access to government incentives aimed at promoting clean energy deployment. Looking ahead, the future prospects of renewable energy integration within the oil and gas sector appear promising yet challenging. Advancements in renewable energy technologies, coupled with declining costs, are expected to accelerate adoption rates and drive widespread implementation across the industry. However, challenges such as intermittency, grid integration, and infrastructure limitations pose significant hurdles that must be addressed through innovation and strategic planning. Furthermore, the evolving regulatory landscape and geopolitical dynamics may influence the pace and scope of renewable energy integration within the oil and gas sector. Policy frameworks promoting renewable energy deployment, carbon pricing mechanisms, and international agreements on climate action are likely to shape the trajectory of the industry in the coming years. The integration of renewable energy within the oil and gas sector represents a transformative trend with far-reaching implications for energy sustainability and corporate strategies. By embracing renewables, oil and gas companies can not only mitigate environmental risks but also position themselves for long-term competitiveness in a rapidly evolving energy landscape.
Keywords:
Renewable Energy; Oil and Gas; Operation; Integration; Review
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0