Potentially discarding vast quantities of secure, known, oil and gas energy reserves creates a conflict for climate, energy, and raw materials for both the developed and developing economies.
The Desire to Eliminate Oil and Gas Use
A report published by Associate Professor Simon Michaux at the Geological Survey of Finland in Aug 2021, highlights the mismatch between climate ambitions versus power requirements and the deliverables required to achieve these goals if we choose to completely phase out all fossil fuels.
[Refs. Full report – Summary report – Presentation]
Worldwide oil and gas resources are finite and in decline, however, by optimising their use in an environmentally responsible way we can help maintain energy security during the green transition. Continued exploitation (not production) of our oil and gas resources in a climate beneficial manner, using our Zero Carbon to Surface philosophy, can manage these energy shortfalls during the extended transition to economic greener energy technologies.
Oil and gas resources are also a cheaper and more energy efficient way to provide hydrogen at high volumes and are currently our best opportunity to develop a global hydrogen economy (the report estimates 200 million tonnes of hydrogen will be required per year).
An environmentally responsible optimisation and exploitation of existing infrastructures from the oil & gas and geothermal industries (e.g., wells, pipelines, platforms etc..) will not only reduce the climate impact generated from the green technology’s raw materials demand, but also the financial burden to supply the reported raw materials shortfall. In particular, this near-term oil and gas conversion to hydrogen will lead to a reduced requirement for rare earth metals when compared to greener energy technologies.
