A recent survey by DNV shows that 68% of senior oil and gas professionals are optimistic about the sector’s growth in the next year, driven by investments in alternative energy sources and a focus on balancing immediate demands with environmental responsibilities. Executives cite challenges such as insufficient global investment and operational performance, with a shift towards increased investments in energy efficiency. Barriers to renewable energy investment and the sector’s structural transition towards decarbonization are also discussed, highlighting efforts to leverage digital tools and workforce strategies. In a related event, Q ENERGY sells a solar PV farm in Northeast England, reflecting the industry’s broader shift towards more sustainable energy solutions.
A recent DNV survey of approximately 450 senior oil and gas professionals reveals that 68% are optimistic about the sector’s growth in the next year. This confidence comes despite significant energy challenges and reflects the industry’s resilience in balancing immediate demands with long-term environmental responsibilities. The survey, “The Paradox of Petroleum – How the oil and gas sector is transforming through uncertainty,” highlights the industry’s investments in alternative energy sources such as wind, solar, hydrogen, carbon capture, utilization, and storage (CCUS), and biofuels.
Key challenges cited by industry executives include insufficient global investment in new oil and gas capacity, with 70% of North American executives particularly concerned. Operational performance is also a priority, with 62% of organizations planning to increase investments in energy efficiency. However, profitability remains a challenge due to the high-risk nature of oil and gas investments.
Barriers to renewable energy investment were identified, such as low financial returns, constraints posed by existing business models, and unclear energy policies. Addressing these issues is critical for the sector to meet its dual goals of maintaining current operations while progressing towards decarbonization targets. Despite these challenges, the sector is expected to continue leveraging digital tools, new workforce strategies, and increased decarbonization efforts to navigate its structural transition.
In a related event, Q ENERGY announced the sale of Whinfield Solar, a 33 MW solar PV farm near Darlington, Northeast England, to AlphaReal. This project represents a significant milestone for Q ENERGY in its commitment to sustainable energy, with the farm expected to generate enough emission-free electricity to power over 8,700 UK households, reducing carbon emissions by approximately 8,000 tonnes annually.
The oil and gas sector’s evolution and investment in renewable energy reflect a broader industry shift towards balancing the high demand for petroleum products with the need for more sustainable energy solutions.
