The Role of Technological Innovation in Energy Conservation and Carbon Reduction in the Oil and Gas Industry

The Role of Technological Innovation in Energy Conservation and Carbon Reduction in the Oil and Gas Industry

This IDC Perspective examines the technological developments and innovations for energy conservation and carbon reduction in the oil and gas (O&G) industry. Energy conservation and efficiency and carbon emissions reduction have become a central talking point for many industries around the world. With the current geopolitical instability in the world, energy costs are rising sharply, resulting in an increased focus on driving efficient energy use. At the same time, governments around the world, especially in Europe and the United States, are pushing a mandate to industrials for greater adoption of renewable energy sources and a reduction of emissions from existing activities, to help address the growing problem of climate change and pollution. To achieve these pressing goals, it has become clear that organizations need to invest in new technologies and innovation programs. "Organizations need to become agile to innovate faster and gear themselves to adopt new digital technologies that will enable them to meet their annual carbon reduction goals and long-term net-zero targets. Investment in Industry 4.0 technologies and solutions, such as digital twins, will give organizations greater visibility and rich data across the entire value chain. Cloud technologies will lay the foundation for greater flexibility and scalability in the future. This agility will help them drive operational, maintenance, and management excellence in their business operations," says Rakesh Patni, associate research director, IDC Asia/Pacific Energy Insights.

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