How oil companies can lead in the energy transition: Greener today and sustainable tomorrow

Posted: May 17, 2024

Oil and gas companies are at a pivotal moment, facing increasing pressure to lower emissions while simultaneously diversifying their business models to embrace renewable energy sources. To succeed in this transition, companies must leverage existing technologies for decarbonization today while investing in future-focused innovations for a sustainable tomorrow.

Embracing existing technology for emissions reduction today

O&G companies have access to a wealth of existing technologies that can significantly lower emissions across their operations. This includes data management, predictive analytics, process optimization, supply chain management, and production accounting software.

• Data management facilitates data storage and collection from diverse sources, enabling swift insights for enhanced operational efficiency. Data management systems also provide deeper operational insight, faster data analysis, and increased visibility of remote assets and IIoT sensors.

              o   AVEVA™ PI System™ enhances operational insight and analysis by providing comprehensive data analysis and improved visibility of remote assets and IIoT sensors, which help organizations streamline operations and enhance sustainability. By including descriptive labels and metadata, you can transform raw data streams into valuable information for a clearer understanding of the overall picture. Customize data hierarchies to match your specific operational and reporting needs and ensure accurate and efficient data processing. See this blog on why a baseline is important. 

• Predictive analytics utilizes AI to prevent unplanned downtime by analyzing historical and live performance and equipment data. Key features encompass anomaly detection, fault diagnostics, time-to-failure forecast, and prescriptive guidance. With predictive analytics, companies can identify inefficiencies and proactively address potential equipment failures before they escalate, optimize resource usage, and reduce emissions.

            o   AVEVA™ Predictive Analytics delivers AI-based predictive analytics at scale to help industrial users identify asset anomalies weeks or months before failure. It can forecast time to failure so that you can set effective maintenance priorities. The solution also offers prescriptive advice, such as actions to remediate problems. To learn more about the business case for predictive analytics, read this blog.

• Process optimization plays a pivotal role in advancing sustainability across various industries. By refining and streamlining operations, organizations can minimize resource consumption, reduce waste generation, and mitigate environmental impact.

            o   AVEVA™ Process Optimization uses first-principle simulation to generate precise operating information that empowers operators to make informed decisions quickly while also providing refinery/plant performance monitoring, troubleshooting, and rigorous engineering studies to enhance your operations even further. 

• Supply chain management software allows companies to visualize and optimize their oil and gas supply chain based on their custom business and operational constraints. This empowers you to make quick and informed decisions by taking advantage of key information. 

            o   AVEVA™ Unified Supply Chain seamlessly integrates planning, scheduling, assay, and supply distribution, fostering a shared understanding across your organization. By leveraging cloud computing and artificial intelligence (AI), AVEVA Unified Supply Chain empowers unparalleled operational optimization. To learn more about global accessibility and security, read this success story from BP.

• Production accounting software enhances operational efficiency and sustainability by addressing unaccounted losses in refineries and processing facilities. It helps track emissions across the value chain, ensuring regulatory compliance and supporting sustainability goals.

            o   AVEVA™ Production Accounting equips refining and petrochemical companies with improved material accounting of their raw material, inventory, and products. This improved accounting reduces unaccounted and real losses and identifies faulty instruments to improve your bottom line.

There are so many software programs currently used by O&G companies to reduce emissions, improve efficiency, reduce downtime, and, in general, be more environmentally friendly. An industry that is perceived to be “dirty” is going to great lengths to be cleaner today while investing in a more sustainable future.

Future-focused investment in renewable energy technologies

In addition to leveraging existing technology for decarbonization, O&G companies must also invest in future-focused innovations to transition to renewable energy sources. This includes developing technologies to produce energy from renewable fuels such as wind, solar, and hydrogen. By diversifying their energy portfolios and embracing renewable fuels, companies can future-proof their businesses, reduce reliance on fossil fuels, and contribute to a more sustainable energy landscape.

Investing today for a sustainable tomorrow

New processes and plants are designed today using both steady-state and dynamic process simulation software. Process design starts at a conceptual level and ends with fabrication and construction planning using process simulation software. Simulation software uses models and equations to simulate the material and energy balances of chemical process plants. It helps operators find optimal conditions for a process through an iterative process. The development of models for a better representation of real processes is the core of process simulation software.

• AVEVA™ Process Simulation brings agility to the entire process life cycle—design, simulation, training, and operations. Design a sustainable world using custom modeling and built-in sustainability features to decarbonize your process plants and achieve net zero. Read this article and learn how AVEVA partnered with Topsoe to deliver sustainable energy solutions and accelerate the energy transition.
• AVEVA™ Dynamic Simulation is a rigorous dynamic simulator that assists in process design and validation, controls checkout, operator training, and performance improvement. Meet and exceed the dynamic challenges of designing, commissioning, controlling, and operating a modern process plant safely, reliably, and profitably. Learn more about simulating the sustainable plant of the future with AVEVA Process Simulation.

Conclusion

Embracing renewable energy sources such as wind, solar, and hydrogen is crucial for curbing carbon emissions and promoting sustainability. Statistics indicate a growing demand for renewable energy solutions, making it imperative for oil companies to incorporate these sources into their energy portfolios.

By leveraging their extensive resources and industry expertise, O&G companies can play a pivotal role in propelling the transition to a lower-carbon energy system. This will present both challenges and opportunities. By embracing existing technology for emissions reduction and investing in future-focused innovations, companies can navigate this transition effectively while ensuring competitiveness and sustainability in a rapidly changing market landscape. With strategic planning and proactive measures, O&G companies can lead the way to a cleaner, greener, and more sustainable energy future.