Oil and gas production techniques are expected to become “leaner and cleaner” as the sector adapts to the energy transition, energy consultancy DNV GL said yesterday.
A new report by DNV GL predicts that cleaner methods will emerge as the industry begins to favour a greater number of smaller reservoirs with shorter lifespans.
According to the new report, a forecast of the world energy mix in the lead-up to 2050, oil and gas demand will peak in 2023 and 2034, respectively
DNV GL suggests existing technologies for decarbonization, such as carbon capture and storage (CCS) will also need to be implemented at scale for the oil and gas sector.
It also forecasts CCS will capture only 1.5% of emissions related to energy and industrial processes in 2050.
Liv Hovem, CEO, DNV GL – Oil & Gas, said: “Most easy-to-produce, ‘elephant’ oil and gas fields have been found and are already in production. Smaller reservoirs will likely be harder to explore and develop commercially.
“Digitally-enabled technologies such as directional drilling and steerable drill bits, 4D seismic backed by advanced data analytics and steam flooding, will be crucial to ensure that exploration and production is economic and efficient.”
By 2050, DNV GL predicts 972 gigatonnes of carbon will be emitted, overshooting the 810 gigatonne budget associated with the target.
Ms Hovem sadded: “Our forecast reaffirms that the oil and gas industry has a vital role to play in the energy transition. It is our sector’s responsibility to maintain a sharp focus on decarbonization, sustainable production, cost management, and the need to embrace innovative technologies to secure long-term supply of sustainable and affordable energy.”
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