The oil industry remains the most powerful industry worldwide. This is since oil is the key energy source after being transformed into petroleum. We use this in virtually everything, from making vehicles work to generating electricity. This is why businesses related to the oil industry take great care in the transportation of oil and petroleum products. They ensure the safety, security, and success of each transport to support the industries relying on oil products.
Today’s buzzwords that continue to gain consumer support are green and sustainable practices. Everyone is starting to realize how real climate change and global warming are. As a result and in an attempt to salvage and help minimize our effect on the planet, we are now making the choice to embrace a greener and more sustainable world.
The problem is, the words green, sustainable, and oil industry often doesn’t mix. Most practices involved in the oil industry are often bad for the environment. But given the circumstances, we have no choice but to start making the necessary changes.
What Drives the Need for the Oil Industry to Go Green
Experts have been telling us that climate change and global warming are real. Many have doubts and claim these are nothing but conspiracy theories. But as evidence of the planet getting continuously damaged and destroyed by our very actions, many started changing their minds.
In an article published online in October 2017, scientists found out that the oceans can tell the impact of the continuous burning of fossil fuel. This lead to the warming of the planet at a significantly alarming rate and pace. The successive catastrophes happening here and there also serve as a reminder of how much damage the environment already incurred.
As more activists yearn for a better future for themselves, leaders and oil companies are being pushed to change their ways. In 2019, young adults made their way in the streets to make a global climate protest. They want governments around the world to take action and for oil companies to reduce their impact on the planet.
Eco-conscious consumers now want everyone to be more mindful of how they act and what businesses they support. Experts already gave us only until 2050. The European Union already made their pledge to be the first zero-emission continent by 2050.
How the Future of Oil Will Look Like
Thanks to the consistent demand for greener and more sustainable practices, even the seemingly impossible industry of oil is starting to adapt in the pro-planet world. Some oil industry leaders already started embracing greener and sustainable changes in their sector. Some initiatives included are as follows.
Boosting efforts in harvesting and analyzing data
Gathering information is the best way to educate ourselves on the different ways we can improve practices in the oil industry. For instance, oil companies now use data harvesting and analytics to improve different systems in their operation. This, in turn, allows us to identify areas we waste resources, improve safety, reduce wastes, and maximizing productivity.
Updating Equipment Used in Oilfields
In the oil industry, there are different types of machinery used in extracting, transforming, and transporting products. The older the equipment used, the less efficient these tend to be. Now, more oil companies are upgrading their equipment to boost efficiency and improve output while lowering downtime.
Increased Attention to Oil Recycling
Oil disposal tends to be an expensive job. This is why oil companies now focus on oil recycling instead. They found that they can actually make more revenue and reduce their environmental impact by recycling oil.
Manual to Digital Oilfields
The availability of amazing technology makes it easier to make oilfields entirely digital. Extraction of real-time data and machines running the production with minimal human supervision make oil extraction a lot safer.
Renewable Energy Investments and Implementations
Many oil companies now invest in the renewable market. BP, one of the leaders in the oil industry, already took the challenge by investing in energy firms as part of their renewable implementation. The company is trying to reinvent itself as a way to reduce greenhouse gas emissions and set an example to others.
BP understands the fact that it won’t be easy to complete their corporate makeover. Still, the company is positive that they can make it since this is the current demand of the world. Their recent renewable energy investments prove their seriousness about their business overhaul.
The oil industry will continue to thrive since this is the main source of energy for many things. But with the increasing demand for greener and sustainable alternatives, oil companies are doing their best to give what the public wants. They now use different strategies as a way of creating a healthier and more eco-friendly way to operate.