At this year’s World Petroleum Congress in Calgary, Canada, about 500 speakers, including Exxon Mobil Corp. Chief Executive Officer Darren Woods and Saudi Energy Minister Abdulaziz bin Salman Al Saud, will tackle topics including decarbonizing hydrogen production and indigenous participation in net zero efforts — fitting for a gathering titled “Energy Transition: The Path to Net Zero.” But the theme runs counter to the song many industry executives are singing.
For them, the security of global energy supplies has become a top priority, thanks to Russia’s war on Ukraine. Investors share those concerns and see a fresh appeal in the oft-maligned business of oil drilling. Shell CEO Wael Sawan has told shareholders his company will play to its strengths by renewing its emphasis on oil and gas production. Rich Kruger, the CEO of Suncor Energy Inc.
For the oil and gas sector, reducing emissions enough to meet global climate targets will require a massive effort. Last year, the production and processing of oil and gas accounted for roughly 15% of global energy-related greenhouse gas emissions, according to a report from the International Energy Agency.
“We’re doing this because markets are driving us to do this,” Kendall Dilling, president of the Pathways Alliance, said in an interview. “If we can’t get on a path to decarbonization, it’s going to be harder and harder to secure financing and insurance for operations and all those things.”
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