Management In the next few decades, the E&P industry will face a unique confluence of two major challenges: it must continue to provide the world with sufficient oil and gas to support global development while at the same time help it reduce the environmental impact of fossil-fuel use, with a focus on the reduction of greenhouse-gas (GHG) emissions. This calls for innovative technical solutions and new approaches to the design and management of increasingly interdependent energy and CO2 value chains. The “intelligent” capabilities that the industry has developed over the past decade can be leveraged to meet these twin challenges. The combination of CO2 enhanced oil recovery (EOR) with carbon capture and sequestration (CCS) in particular offers attractive opportunities to combine enhanced oil and gas recovery with GHG reduction, in a profitable way. This can be done at the level of individual field developments but also at the level of integrated energy/CO2 systems. It is estimated that global CO2 emissions will have to come down to 10–11 Gt/yr by 2050 to limit the increase of average global temperatures to 2°C. This represents a reduction of 70–80% from 2009 emission levels of 29 Gt/yr. The concept of “reduction wedges,” representing 1 Gt/yr of carbon, helps put into perspective what it would require from the E&P industry to deliver a single wedge of CO2 reduction—equivalent to 3.7 Gt/yr—out of a total of eight. Geological CO2 storage could go a long way to achieving this tar-get but the required investments in infrastructure within E&P, power generation, steel, and other industries would be huge. To illustrate the point: if the Groningen gas field in the Netherlands—the largest in western Europe—was fully utilized for CO2 sequestration, it could provide only about 1 to 2 years of storage for a single GHG reduction wedge of 3.7 Gt/yr. Worldwide, there are only 20 gas fields in the Groningen size class. The required investments in CCS would be additional to the USD 100–150 billion/yr the E&P industry spends to maintain oil and gas production at current levels of approximately 83 million BOPD and 295 Bcf/D of gas. Another USD 300–400 billion/yr would be required to increase global production to meet a projected 1.2–1.4% annual increase in demand up to 2050.