Oil and gas companies' low-carbon emission transition to integrated energy companies

Abstract

In recent years, with the emphasis on environmental protection, the global energy landscape is changing: the proportion of traditional energy is gradually decreasing, and renewable energy are developing rapidly. In this context, the oil and gas company is also in the early stages of the low-carbon emission energy transition. However, this concept is relatively new for many oil and gas companies. Thus, this paper aims to introduce the low-carbon emission transition practices of several large oil and gas companies so that more companies can learn from the experience. This paper summarizes the transition targets, investment, and actions of some large oil and gas companies employing enterprise surveys, and analyses the low-carbon transition paths, opportunities, and challenges. The analysis shows that (1) vigorous development of natural gas business is the first step for oil and gas companies to transition to low-carbon emission stage; (2) increasing investment in renewable energy is a long-term action of oil and gas companies and the key to transforming oil and gas companies into integrated energy companies; (3) oil and gas companies should have rich experience in developing geothermal energy. In addition, the paper also proposes policy recommendations for the low-carbon transition of oil and gas companies.