Oil industry reaching sustainability – laundry list of improvements to decrease environmental impacts

5 Ways the Oil and Gas Industry is Approaching Sustainability

Since oil and gas will remain a significant part of the global energy mix for many years to come, companies will need to develop transparent and proactive sustainability strategies. According to a recent survey by SAP and Oxford Economics, more than three-quarters of energy and utility executives say sustainability issues are a major concern and almost have committed to a net-zero carbon goal.

Here are several ways the oil and gas industry is approaching sustainability. 

1. Improving Freshwater Usage

Water is a vital part of the oil production process, particularly in fracking operations. Each day in the oil and gas industry, hundreds of millions of barrels of freshwater are used. While O&G companies manage to recycle up to 95% of this water, they continue to explore alternatives to decrease usage and increase non-potable water use to 100%. 

2. Streamlining Processes

When oil and gas companies can operate more efficiently, this can reduce waste and make the entire operation more sustainable. For example, O&G companies can use advanced analytics to reduce bottlenecks, waste, and on-site accidents. They can also use things like 3D imaging to inspect the inside of oil wells to make more informed decisions about safe and efficient operations.

3. More Used Oil Recycling

Not all oil is usable. But traditional oil disposal methods are wasteful and harmful to the environment. More oil and gas companies are starting to use small-scale waste-oil systems that refine used oil and transform it into diesel fuel. This not only creates fuel needed for ongoing operations but is also a valuable alternative to costly and harmful disposal methods. 

4. Reducing Methane Leaks

According to the International Energy Agency, methane emissions are the second-largest cause of global warming, and many originate from the energy sector. By addressing malfunctioning equipment, using better components, and pledging Net Zero Emissions by 2050, oil and gas companies can play an essential role in minimizing the adverse impacts of this activity.