Net zero hero – five strategies for oil and gas producers

Abstract

In the last 12 months, Australian oil and gas producers have been busy announcing their ambition to become ‘net zero emissions’ businesses by 2050, or sooner. Achieving this will require a significant shift in strategy in how companies operate, and in what they produce. In pursuing these new net zero ambitions, we see five major strategies in play: reducing scope 1 and scope 2 emissions; deployment of carbon capture, utilisation and storage (CCUS) technologies; use of general and cargo-specific carbon offsets; pursuit of hydrogen production at scale; and displacing higher-emissions fuels in the global energy mix. This paper provides an overview and integrated programmatic approach to realise these strategies, including a case study from a recent global oil and gas producer.