Oil & gas companies slowly (but surely ?)shifting focus
Studying engineering in the UK, it seems usual that British Universities propose free student membership to Chartered Engineering bodies like the Energy Institute (EI) or the Institution for Engineering and Technologies (IET). It is actually quite interesting to gain an overview of the latest developments in your engineering area.
I used this opportunity to join the Energy Institute (hey, it’s for free!). The EI recently hosted the IP week (IP stands for International Petroleum) and I managed to get one of the limited free (hurray!) places which were offered to students.
This event was actually much bigger than I expected. I got to watch speakers from governments of various countries, intergovernmental organisations, researchers, but also CEOs of major oil and gas companies, all talking about how they plan the transition to a low carbon future.
Knowing that these companies make most of their money from fossil fuels, it was really interesting to hear what their approaches are. The trend is clearly in moving away from the traditional petrol and rather focus on gas (possibly with carbon capture?) and diversify their activities to hydrogen for instance. However, I was surprised to hear that some companies were clearly waiting for government incentives and policies to be in place before implementing a real shift towards more renewable fuels. I expected them to be more proactive in the matter.
Overall, my feeling at the end of the event was that the industry now seems to realise that things will change, whether they want it or not. Let’s hope those nice promises will be implemented very soon!
You can find a summary of the IP week here (official review from the Energy Institute):