ESG and beneficial reuse in the oil and gas industry

May 15, 2023

For more than a century, the oil and gas industry has provided crucial and sustained contributions to the global economy and enriched the lives of people around the world. More people today have access to abundant, affordable and reliable energy sources than ever before. For undeveloped countries, it has nobly lifted people out of poverty and enabled them to enjoy the essentials of modern life that developed countries take for granted.

Over the last 50 years, the industry has faced a reputation crisis across multiple stakeholders. With heightened awareness of the detrimental effects of environmental pollution, its gifts to the world of ample, reliable and affordable supply no longer meet society’s expectations. The industry is being held accountable for its impact on the environment and safety more than ever in history, making environmental, social and governance (ESG) initiatives far more than an ethical imperative. They are an absolute necessity.

In an industry that is not inherently sustainable, there is an impetus to reimagine waste. If initiatives are not already in place, the current post-pandemic period is a perfect opportunity for companies to permanently improve their commitment to the environment and society. Some believe there have been negligible solutions for how oil and gas practices can be greener, particularly in the refinery processes. For this reason, ESG has conceded to a reputation as difficult to implement and a profit-killer. In reality, the opposite is true. The right solutions can have a positive and profitable effect across the entire spectrum of the oil and gas industry.

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