Major Oil Companies Increase Investment in Alternative Energy Projects
A recent study published by Kimberlite Oilfield Research with 151 geologists and geophysicists worldwide reveals that major oil companies are beginning to increase investment in alternative energy projects.
Most all the respondents surveyed working with major oil companies cite plans to invest in future alternative energy projects. In contrast, only 20% of national oil company respondents expressed plans to do so.
Major oil companies are planning to increase investment in carbon sequestration projects as evidenced by 61% of respondents surveyed working with major oil companies citing plans to do so. Investment in wind farms follows in a solid 2nd position among the major oil companies surveyed with 44% of respondents citing plans to invest.
Large independent oil & gas operators followed with 62% of respondents expressing plans to invest in future alternative energy projects with carbon sequestration leading the list (cited by 38% of large independent oil & gas operators) followed by geothermal at 31%.
Traditional oil & gas industry services such as seismic data processing can play a role in supporting these future alternative energy projects by assisting with assessment of project viability, site selection, and monitoring during the operations of these projects.
The pressure to join the energy transition momentum wave is also cascading down to the oil & gas industry service providers.55% of oil & gas operators surveyed worldwide believe it is highly important for their service suppliers to have a formalized ESG program. This belief increases to 71% of the respondents working for major oil & gas operating companies.
Kimberlite will continue to monitor and track how the energy transition key initiatives are influencing the oil & gas industry operators and service suppliers. Feel free to reach out to discuss.