Sustainability Aspects for the Offshore Sector - Bridging Operations, Carbon Accounting and Esg Principles

Abstract

With climate change as a transformative catalyst, the Offshore sector, which has long been a main pillar of the energy industry, is expected to undergo significant transformation in the coming years. Unique challenges associated with the fossil fuel products and their environmental impact are expected. Despite the limited and localized regulatory framework, the main drive towards sustainability is coming from the financing sector and other key external stakeholders. Embracing sustainability pertains to a series of initiatives and actions around: Benchmarking environmental footprint of the assets and operationsDesign, Engineering, Procurement & Construction and subsequent Operations following certain sustainability criteriaIntroducing Environmental, Social and Governance reporting This article elaborates on the structured approach of Sustainability principles and initiatives on the highly carbon intense offshore oil & gas industry.