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The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry

Received: 29 May 2023     Accepted: 15 June 2023     Published: 27 June 2023
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Abstract

The transition from fossil fuels to renewable energy sources is fundamentally transforming the global energy sector, resulting in significant implications for the oil and gas industry. This paper presents a comprehensive overview of the energy transition, focusing specifically on the challenges encountered by the oil and gas industry and proposing strategies to effectively navigate this transformative shift. By analyzing academic literature and industry reports, this paper investigates the drivers behind the energy transition, such as governmental policies, the declining costs of renewable technologies, and the growing public demand for clean energy. Additionally, it examines the obstacles faced by the oil and gas industry, including decreasing demand, economic and technological barriers, and complex regulatory frameworks. Furthermore, the paper explores various strategies that can be employed to navigate the energy transition successfully. These strategies include diversification into renewable energy sources, collaboration with relevant stakeholders, investment in research and development, and the adoption of new and innovative business models. By implementing these strategies, the oil and gas industry can maintain its competitiveness, address the declining demand for fossil fuels, and actively contribute to global efforts aimed at mitigating climate change. The paper concludes by emphasizing the vital role of collaboration, research and development investments, and supportive policies in achieving a sustainable energy future.

Published in Journal of Energy and Natural Resources (Volume 12, Issue 2)
DOI 10.11648/j.jenr.20231202.12
Page(s) 21-24
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2023. Published by Science Publishing Group

Keywords

Climate Change, Energy Transition, Greener Energy, Oil and Gas, Renewables

References
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[2] Petit, V., The energy transition: an overview of the true challenge of the 21st century. 2017, Springer: Cham, Switzerland.
[3] Bois von Kursk, O., Greg Muttitt, Angela Picciarello, Lucile Dufour, Thijs Van de Graaf, Andreas Goldthau, Diala Hawila, Navigating Energy Transitions : Mapping the Road to 1.5°C. 2022.
[4] Pickl, M. J., The renewable energy strategies of oil majors – From oil to energy? Energy Strategy Reviews, 2019. 26: p. 100370.
[5] Qusay Hassan, A. Z. S., Hayder M. Salman et al., The role of renewable energy and artificial intelligence towards environmental sustainability and net zero. Environmental Management, 2023.
[6] Gielen, D., et al., The role of renewable energy in the global energy transformation. Energy Strategy Reviews, 2019. 24: p. 38-50.
[7] IEA, Global Energy Review 2021. 2021: Paris.
[8] Mitchell, R. F., et al., Fundamentals of drilling engineering. SPE textbook series. 2011, Richardson, TX: Society of Petroleum Engineers.
[9] Basile, V., N. Capobianco, and R. Vona, The usefulness of sustainable business models: Analysis from oil and gas industry. Corporate Social Responsibility and Environmental Management, 2021. 28 (6): p. 1801-1821.
[10] Deutch, J., Is Net Zero Carbon 2050 Possible? Joule, 2020. 4 (11): p. 2237-2240.
[11] D. Arent, et al. 2017. The Political Economy of Clean Energy Transitions, ed. Oxford University Press.
[12] Dimitrov, R. S., The Paris Agreement on Climate Change: Behind Closed Doors. Global Environmental Politics, 2016. 16 (3): p. 1-11.
[13] Seo, S. N., Beyond the Paris Agreement: Climate change policy negotiations and future directions. Regional Science Policy & Practice, 2017. 9 (2): p. 121-140.
[14] Elshkaki, A., The implications of material and energy efficiencies for the climate change mitigation potential of global energy transition scenarios. Energy, 2023. 267: p. 126596.
[15] Tudor, C. and R. Sova, On the Impact of GDP per Capita, Carbon Intensity and Innovation for Renewable Energy Consumption: Worldwide Evidence. Energies, 2021. 14 (19): p. 6254.
[16] Alagoz, E., AlNasser, F., Ozkan, Y., Dundar, E. C., Shiriyev, J. Overview of Closed-Loop Enhanced Geothermal Systems. International Journal of Earth Sciences Knowledge and Applications (2023) 5 (1), 156-162. http://www.ijeska.com/article/view/269
[17] Gómez-Ramírez, G. A.; Meza, C.; Mora-Jiménez, G.; Morales, J. R. R.; García-Santander, L. The Central American Power System: Achievements, Challenges, and Opportunities for a Green Transition. Energies 2023, 16, 4328. https://doi.org/10.3390/en16114328
[18] Lutta, Nelson "Diversification of Africa's Energy Portfolio': Economic Outlook a Case Study of Kenya". Paper presented at the SPE/AAPG Africa Energy and Technology Conference, Nairobi City, Kenya, December 2016. doi: https://doi.org/10.2118/AFRC-2575262-MS
[19] Hoxha, Beso Buranaj, Ternava, Trim, and Dafina Bucaj. "Energy Transition Strategies to Implement Energy Security of Natural Resources: Albania Case Study". Paper presented at the SPE EuropEC - Europe Energy Conference featured at the 84th EAGE Annual Conference & Exhibition, Vienna, Austria, June 2023. doi: https://doi.org/10.2118/214356-MS
[20] Gonzalez, J. M.; Tomlinson, J. E.; Martínez Ceseña, E. A.; Basheer, M.; Obuobie, E.; Padi, P. T.; Addo, S.; Baisie, R.; Etichia, M.; Hurford, A.; et al. Designing diversified renewable energy systems to balance multisector performance. Nat. Sustain. 2023.
Cite This Article
  • APA Style

    Ekrem Alagoz, Yaser Alghawi. (2023). The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry. Journal of Energy and Natural Resources, 12(2), 21-24. https://doi.org/10.11648/j.jenr.20231202.12

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    ACS Style

    Ekrem Alagoz; Yaser Alghawi. The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry. J. Energy Nat. Resour. 2023, 12(2), 21-24. doi: 10.11648/j.jenr.20231202.12

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    AMA Style

    Ekrem Alagoz, Yaser Alghawi. The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry. J Energy Nat Resour. 2023;12(2):21-24. doi: 10.11648/j.jenr.20231202.12

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  • @article{10.11648/j.jenr.20231202.12,
      author = {Ekrem Alagoz and Yaser Alghawi},
      title = {The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry},
      journal = {Journal of Energy and Natural Resources},
      volume = {12},
      number = {2},
      pages = {21-24},
      doi = {10.11648/j.jenr.20231202.12},
      url = {https://doi.org/10.11648/j.jenr.20231202.12},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jenr.20231202.12},
      abstract = {The transition from fossil fuels to renewable energy sources is fundamentally transforming the global energy sector, resulting in significant implications for the oil and gas industry. This paper presents a comprehensive overview of the energy transition, focusing specifically on the challenges encountered by the oil and gas industry and proposing strategies to effectively navigate this transformative shift. By analyzing academic literature and industry reports, this paper investigates the drivers behind the energy transition, such as governmental policies, the declining costs of renewable technologies, and the growing public demand for clean energy. Additionally, it examines the obstacles faced by the oil and gas industry, including decreasing demand, economic and technological barriers, and complex regulatory frameworks. Furthermore, the paper explores various strategies that can be employed to navigate the energy transition successfully. These strategies include diversification into renewable energy sources, collaboration with relevant stakeholders, investment in research and development, and the adoption of new and innovative business models. By implementing these strategies, the oil and gas industry can maintain its competitiveness, address the declining demand for fossil fuels, and actively contribute to global efforts aimed at mitigating climate change. The paper concludes by emphasizing the vital role of collaboration, research and development investments, and supportive policies in achieving a sustainable energy future.},
     year = {2023}
    }
    

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    AU  - Ekrem Alagoz
    AU  - Yaser Alghawi
    Y1  - 2023/06/27
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    DO  - 10.11648/j.jenr.20231202.12
    T2  - Journal of Energy and Natural Resources
    JF  - Journal of Energy and Natural Resources
    JO  - Journal of Energy and Natural Resources
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    PB  - Science Publishing Group
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    AB  - The transition from fossil fuels to renewable energy sources is fundamentally transforming the global energy sector, resulting in significant implications for the oil and gas industry. This paper presents a comprehensive overview of the energy transition, focusing specifically on the challenges encountered by the oil and gas industry and proposing strategies to effectively navigate this transformative shift. By analyzing academic literature and industry reports, this paper investigates the drivers behind the energy transition, such as governmental policies, the declining costs of renewable technologies, and the growing public demand for clean energy. Additionally, it examines the obstacles faced by the oil and gas industry, including decreasing demand, economic and technological barriers, and complex regulatory frameworks. Furthermore, the paper explores various strategies that can be employed to navigate the energy transition successfully. These strategies include diversification into renewable energy sources, collaboration with relevant stakeholders, investment in research and development, and the adoption of new and innovative business models. By implementing these strategies, the oil and gas industry can maintain its competitiveness, address the declining demand for fossil fuels, and actively contribute to global efforts aimed at mitigating climate change. The paper concludes by emphasizing the vital role of collaboration, research and development investments, and supportive policies in achieving a sustainable energy future.
    VL  - 12
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Author Information
  • R&D Department, Turkish Petroleum Corporation (TPAO), Ankara, Turkey

  • Harold Vance Department of Petroleum Engineering, Texas A&M University, College Station, United States

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