Oil and Gas: Understand the investment required to create a commercially viable business
Location-based analysis is being used by oil and gas companies to manage uncertainty and shape a more resilient and sustainable future.
A combination of environmental legislation, international treaties and the increasing cost of extracting oil and gas from new fields is driving the search for new energy sources and more efficient methods of using fuel.
In the UK larger companies will progressively be required to report energy consumption and to demonstrate year-on-year reductions in their carbon footprint. Whilst delivering initial savings is relatively straightforward, progressive increases in targets will stimulate investment in innovative solutions such as:
- Hybrid fuels blending petroleum products and biofuels
- Hybrid energy sources combining electricity and hybrid fuels
Using GIS to contain carbon emissions
More costly methods of containing carbon emissions are likely to include carbon capture and carbon sequestration. This involves capturing emissions from conventional power stations and pumping these to geological structures from which oil and gas have already been extracted, using a new network of pipelines. Interestingly many of the skills developed by the oil and gas industry to extract crude oil and gas will be required by the carbon sequestration industry. This includes the use of geo-spatial software to plan pipelines and to identify suitable carbon storage sites around the UK.
Investing in environmentally friendly solutions
Many conventional oil & gas companies investing in wind power, solar power and tidal power. The existing location-based analysis expertise is being deployed to understand the investment needed to create commercially viable businesses.
As the market evolves, so too do the ways in which GIS is being harnessed to solve today’s business problems.
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