The oil and gas industry and environmentalism don’t necessarily go hand-in-hand. The need for sustainability is growing all over the world, so even less environmentally-friendly companies must keep up. The oil and gas industry is increasingly looking for innovative and environmentally-friendly solutions. These practices aim to reduce unnecessary expenditures, improve working conditions and livelihoods, and preserve the environment. Here are some tips to make your oil business more sustainable and stop polluting.
Use industry insight and leverage data
It is no secret that oil and gas are among the least technologically advanced and efficient sectors. According to some studies, offshore platforms only reach about 70% of their maximum production potential. Technology can help improve this situation. You can overcome the complex nature of oil and gas operations if you use data analytics tools and systems properly. You can then expect returns between 30-50x your initial investment, reduce environmental impact by minimizing bottlenecks and accidents, as well as decrease environmental impact.
Digitalize more oilfields
Digitalization has brought about a new term, ‘digital oilfields’. This is a way to make data and make incremental improvements. This trend is gradually but surely increasing in popularity. Digital oilfields make it possible to track, analyze, and use all operational data in real time by leveraging cloud and big data technologies. This will enable you to make better and more sustainable decisions by implementing the same processes in your company.
Invest in high-performing equipment
Every piece of equipment, no matter how small or large, can have a negative impact on your business’s processes and, consequently, the environment. Invest in high-performance solutions to improve this aspect. You can purchase the most versatile gas lift valve, which is also cost-effective. This valve is suitable for many different well conditions and will allow you to make well interventions. It also allows you to optimize your production over the life span of the well. The improved processes will lead to higher operational efficiency. This is also true for all other tools and machinery.
Minimize your freshwater usage
Water is an essential part of all oil production processes. This is one of most inconvenient aspects in daily operations. Many oil and gas companies around the globe are now attempting to recycle freshwater, achieving between 80 and 95%. Recycling is not the best solution. Innovative businesses aim to reduce their freshwater consumption from the beginning. This can be achieved by upgrading your filtration systems, and eliminating contamination using better water treatment options like UV.
Concentrate on oil recycling possibilities
Oil recycling is an older process, which has been used in the oil and natural gas industry for a while now. However, it is slowly gaining popularity in the industry. Micro refineries are another option to make waste oil fuel. This solution is much more affordable than many other conventional methods of oil disposal and can be commercially viable. This is a great way to reduce oil waste and still meet market demand.
The tech industry faces challenges including cybersecurity threats and ethical and privacy concerns. These issues impact the sector significantly and require ongoing attention to safeguard sensitive data and maintain trust.
Consider using renewable energy
Renewable energy is a highly lucrative market that even oil and gas companies can access. The sector is seeing an increase in the number of companies that implement renewable energy solutions. Their driving force may be long-term profit, but that doesn’t mean that investments cannot boost the sector’s growth and development. You can take advantage of this trend to make your business greener by using solar energy as a source of power.
Although oil and gas companies can’t be inherently sustainable, they can aim for long-term sustainability. Your business will be safer and greener in the future with smart software and modern tools.
