OTC 2021 Panel: Offshore E&P Sector is Well-positioned for Energy Transition, Executives Say

Speakers from Shell, Wood Mackenzie and TechnipFMC agreed that offshore oil and gas production provides the lowest carbon barrels when compared to other producing regions.

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If there was one theme to take away from the Offshore Technology Conference’s (OTC) opening general session on Aug. 16, it was this: As the world strives to solve climate and emission challenges, low-carbon offshore production will help drive net-zero efforts of oil and gas companies, while continuing to provide reliable energy for decades to come.

“Time and time again, offshore has elevated our understanding of what is possible, and the carbon and climate challenges of today will be no different,” said Erik Milito, president of the National Ocean Industries Association, in his opening remarks.

No matter the scenario, he said the global economy will depend upon oil and gas to provide energy that is essential for society, and offshore production can be the “energy anchor” that the world needs. 

“Decarbonization from the offshore industry is already underway and will only accelerate as technology advances,” said Amy Bowe, head of carbon research with Wood Mackenzie.

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Faiza Rizvi

Faiza Rizvi is a senior editor of ESG for Hart Energy's editorial department, with a strong focus on E&P Plus and HartEnergy.com. She has been covering all facets of the U.S. and international energy industry for over 5 years.