I n d i a D r i l l i n g & E x p l o r a t i o n C o n f e r e n c e - I D E C 2 0 2 2
15th India Drilling & Exploration Conference ( IDEC )
I n d i a D r i l l i n g & E x p l o r a t i o n C o n f e r e n c e - I D E C 2 0 2 2
Heading towards a conclusion , it is important to understand the environment trends to come up with better solutions for the betterment of the Oil & Gas industry . Firstly , there is an ongoing need of reliable and affordable energy . Secondly , the population is growing at a very fast pace in comparison to the energy supply . Thirdly , the industry continues to be under relentless pressure . And fourth , the threat of climate change has reinforced the damage . So , to move forward with fossil fuels , climatic concerns and the advances in renewable must be taken into consideration . Also , Business Collaboration and Technological collaborations across the supply chain and across all the stakeholders is essential .
Certain business imperatives must be taken into consideration . For instance , business performances must be optimized , new business capabilities must be created , and the technology foundation must be strengthened .
The country must accelerate the implementation of de-carbonization policies . The success of these policies depends on the success of many factors , such as , avoided demand , CO2 capture , storage , hydrogen , bio energy , technology performance , electrification , and other renewable and fuel ships .
No matter what the combination of policies might be , reaching the net-zero emission goal still requires more and more oil and gas investment . Therefore , it is necessary to make a large investment today for the future of the industry . But not just simple investment , it is critical to understand that the investment must be done judiciously , keeping into consideration that there is no choice or space of luxury left at work that was present in previous decades . Things have changed , and so , there are certain changes ought to be made , such as , work should be done efficiently , and accurately as inefficiency cannot be afforded anymore .
Investments in fossil fuels must be made in appropriate technologies to bring down the dollar per barrel of production . Combined efforts in a collaborative environment for companies , service providers , and competitors should be made .
It is essential to recognize that the country is in a state of emergency and requires change . Yet , the change is not only expected from the operator perspective , but also from the service sector , manufacturing sector , and the delivery sector .
The execution of all these approaches will hopefully let the country be able to move successfully in fossil fuels at least till 2050 and even beyond that .
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