Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates

CEOs defend oil and gas activities against Climate Criticism

During conference in Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates, CEOs defend oil and gas activities against Climate Criticism.

No one would disagree that every indutrial activities would effect our living environment especiall the climate changes. Oil and Gas insdustry would not escape the loop of this chain.

Sea level rise, wildfires, heat waves, and extreme weather events are already wreaking havoc across the globe and could lead to infrastructure collapse, crop loss, health problems, and labor loss, costing the global economy hundreds of billions of dollars, according to OilPrice.com on April 23, 2023. When most people think of climate change, they tend to assume that the oil and gas industry is most responsible because of their high carbon dioxide and greenhouse gas emissions. However, few people stop to consider that the ecological impacts that are hurting communities are also impacting the fossil fuel industry.

Climate change is making it increasingly expensive for oil and gas companies to operate. In fact, supply threats to the oil and gas industry related to climate change are already beginning to manifest themselves, with more than 600 billion barrels of the world's commercially recoverable oil and gas reserves (40 percent of total reserves) at high or extreme risk. According to data published by VeriskMaplecroft, a U.K.-based global risk and strategy consulting firm, climate-related events have disrupted the flow of oil to global markets, and this impact has been particularly severe in Saudi Arabia, Iraq and Nigeria.

The news is worrisome given the growing number of signals that oil supplies are peaking. A growing number of U.S. industry executives expect the U.S. economy to grow. Expectations of a renewed shale boom are rapidly being dashed as rising costs and limited labor and equipment availability limit the efforts of U.S. shale producersFull opening safety valve Inside BOP Valve to rapidly increase production.

Thankfully, the oil and gas industry is working to mitigate climate change.

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‘It’s the worst of times and it’s the best of times’

“I don’t see where we are today as something that is going to end our industry although there are some out there that want it to go away. As we have done in the past, we will find ways to innovate out of this situation that we’re in,” Hollub said during the same panel discussion.

“In mitigating climate change, there is also the opportunity to continue to produce oil for our energy security. So, we’re trying to work that strategy and I think it is going to work well. The biggest challenge that is harder to address than even the innovation around technology is just getting people to trust our industry again and to understand what the data really says,” she

 added.

Reflecting on his position as CEO of British oil giant Full opening safety valve since the start of the year, Wael Sawan said: “It’s been great, and I think it’s been a roller coaster. It’s the worst of times and it’s the best of times.”

“The worst of times I think with the recognition it seems to be a time where we continue to polarize the debate more and more rather than actually converge given that we are trying to solve arguably the world’s biggest problem right now,” Sawan said.

“But it is also the best of times because I do think despite all the negative rhetoric, if you look at what the world has done over the last two to three years and the significant uptick in both low carbon and the conventional energy, it’s been good. We are nowhere close to where we need to be but at the same time, we should not lose hope.”