Page 162 - CW E-Magazine (8-10-2024)

News from Abroad

ENERGY TRANSITION
‘Oil & gas industry’s decarbonisation efforts slow

down as focus shifts back to fossil fuels’

The oil and gas industry has pursued
energy transition avenues to decarbo-
nise its operations. However, heightened
energy security fears amid the Ukraine
war have brought back the focus on
fossil fuels, which has led companies to
scale down their energy transition pur-
suit. This will likely continue in 2024,
but the switch towards low-carbon
energy is expected to proceed, albeit at
a slower pace, according to GlobalData,
a leading data and analytics company.

GlobalData’s thematic report, “Energy
transition in oil and gas,” highlights the
energy transition related developments Leading oil and gas companies have Oil and gas companies are venturing
in the oil and gas industry. Companies set themselves decarbonisation targets in renewable power generation as part
are switching towards renewable power for both the medium and long-term, of their energy transition endeavour.
and other low-carbon options in their relying on the existing and emerging
energy transition efforts. Most leading technologies. Firstly, companies are Efforts like carbon capture predomi-
industry companies have adopted 2050 increasingly investing in renewable nantly work to mitigate emissions, while
as the long-term goal for net-zero power generation, with wind and solar hydrogen production, renewable power,
carbon emissions. A lot of promises power being a particular area of focus. and low-carbon fuels offer end-consu-
made by them hinge on the successful Mr. Puranik added, “In 2020, several mers alternatives to fossil fuels. Energy
implementation of their respective oil and gas companies announced storage, mostly in the form of batteries,
interim targets for 2030. ambitious energy transition targets. is another transition avenue being
However, the hype around energy tran- explored by the oil and gas industry.
Mr. Ravindra Puranik, Oil and Gas sition has somewhat subsided going Mr. Puranik said, “The oil and gas industry’s
Analyst at GlobalData, commented, into 2024. Profi tability issues and infl a- energy transition requires long-term
“Energy security has been a concern for most tion, along with high interest rates are planning to reduce or eliminate carbon
countries following the outbreak of the causing uncertainties in undertaking emissions. In the short to medium-term,
Russia-Ukraine war. The resultant supply renewable projects.” companies must incorporate transi-
chain disruption drove countries towards tion fuels as well as low-carbon and
the readily available fossil fuels, thereby The share of fossil fuels in glob- zero-carbon energy sources in their
boosting oil and gas demand. On the other al power generation mix is dwindling portfolios. Despite periodic slowdowns,
hand, the push for energy self-reliance by the year. This space is increasingly energy transition in oil and gas industry
and high infl ation have somewhat being occupied by the renewable energy will take place and pave way for new
derailed the clean energy adoption.” sources, especially solar and wind energy. global energy mix in the future.”
Thermo Fisher Scientifi c expands oral solid dose

capabilities across N. America

To provide fl exible and innovative and pharmaceutical companies, Thermo $22-mn total investment since 2021 in its
solutions for early development chal- Fisher Scientifi c is expanding its oral Cincinnati, Ohio, and Bend, Oregon sites
lenges commonly faced by biotech solid dose (OSD) footprint with a in the US. Together, these expansions

162 Chemical Weekly October 8, 2024

Contents Index to Advertisers Index to Products Advertised