How Will The Oil Industry Respond to Climate Change?

 It can be argued that discovering fossil fuel reserves in the depths of the earth was the advent of modernization. Prior to that, the human race was just a civilization that could only preserve food and energy for the foreseeable future i.e. sundown. However, with the ability to convert fossil fuels into energy that can essentially power machines, we moved toward mechanization of the oil industry.

Even though the dawn of development was a cause for celebration, over the centuries, it has cyclically led us to our doom. With commercial consumption of fuels on the rise, there are greenhouse effects on the ozone which have led to climate change.

This was the big C that was the talk on every news channel before COVID-19 happened. However, since we’re working on flattening the curve, it’s time for the oil industry to respond to climate change.

Even though crude oil is literally the fuel for progress, environmentalists are pressurizing oil producers to answer the inevitable question of climate change. Here’s how the industry is responding to it.

Climate Change: A Crisis?

A Climatewire report published by Scientific American evaluated the effect of human development on climate change. The report claimed that even though the increasing levels of carbon dioxide are concerning, it’s not all because of human emissions. It’s part of a natural system that dates back to the ice age.

This statement undermined the affect oil production is said to have on the impending climate change. However, it’s important to note that even though human emissions may be indirect consequences of oil extraction, they’re still affecting the planet. And, as one of the largest industries in the world, oil producers need to respond to this call.

Control Methane Emissions

The biggest monopolies in the oil industry have banded together to combat climate change and respond to this global emergency. Together, they have formed the Oil and Gas Climate Initiative (OGCI) to monitor the impact of oil production on the planet.

The main aim of this organization is to limit methane emissions from oil refineries and drilling plants. When oil wells are bore into the earth or seabed in onshore or offshore rigs, the land/ocean releases harmful gases, including methane. This is one of the greenhouse culprits behind ozone depletion. The oil industry aims to reduce the emissions and treat the gas to remove toxic elements before it’s released in the atmosphere. This will hopefully curb global warming, as methane can be far more damaging than carbon dioxide.

Transparent Accountability

Since environmental activists have also pointed out that oil producers are not transparent about the pollution they’re causing, there’s a need for accountability. Fossil fuels can’t be exploited at an unsustainable rate and oil producers need to be reminded of this.

To respond to this global concern, the key players in the oil industry will need to provide sufficient evidence of their yearly emissions. Companies need to move away from profit-maximization to earth-conservationist strategies to effectively play their part in fighting climate change.

In order to invest in environmentally-friendly oil production methods, companies need funds. They must cut unnecessary expenses in other areas to focus on oil conservation. They’re looking for premium industrial-grade drilling equipment at affordable pricing to meet these financial challenges.

Contact Instruments is a leading manufacturer of OEM instrumentation in Canada and has a production facility in Leduc, Alberta. They're manufacturing and supplying drilling equipment such as mud pressure gauges, custom cables, or clipper weight indicators for Canadian and American oil companies at market competitive rates.

Check out their full range or call at 780-955-8998 for more information.