Diversifying into renewable energy sources

11:15 AM, 8th February 2021

Nowadays, when a person is commuting from home to work, rather than being concerned about the traffic situation, he or she is more worried about the rising fuel costs. The price of fuel is steadily rising, touching Rs 89 from earlier Rs 78 per litre (approx. in India). Along with the rising costs of good and services, the increase in fuel prices is also adding to the common man’s burden.

The oil & gas industry was already passing through a rough patch and then it was pushed into deeper ground with the Covid-19 outbreak. What could have taken years to pan out was hastened in just a matter of few months in 2020.

In the new scenario, the oil & gas industry is now forced to make tough choices to be able to succeed moving forward. Many of the oil giants are currently re-thinking their strategies and looking for new ways of steering growth for the organizations. Some of the new approaches that can be looked into are: Growing the portfolio for renewable energy sources and clean energy; Making more investments in environment-friendly, socially responsible and impact-focused investing; Implementing advanced technologies and setting up a new age future of work environment; and Collaborate and consolidate in a low-priced environment.

Moreover, as countries and various governments are making a shift towards alternate energy, cleaner and renewable fuel segments will witness heavy investments by oil & gas majors across the world. This will be fuelled by the market change that the costs of solar energy and solar photovoltaic are coming down and are being compared with fossil fuel energy cost.

In the given new strategies that oil & gas companies can choose from, many are already looking to diversify heavily into renewables and clean energy sources. Oil majors such as ExxonMobil, Chevron, BP, Total, Royal Dutch Shell, Eni to name a few are already increasing their solar, wind renewable energy projects portfolio and making investments in clean energy projects globally.

In the IT In Chemicals segment have a look as we understand how the oil & gas industry along with the chemical industry is going through a major shift, driven by factors such as climate change, technological advancement and geo-politics. To move into future working systems, these companies are also adopting latest technology. See how oil majors are using cloud technologies, data management systems, analytics-driven integrated well design and planning with real-time operation management and machine learning and artificial intelligence coupled with high bandwidth connectivity to cloud applications, among others. These technologies have helped improve operations and better manage workflows overall, enhancing productivity for the organization.

For this edition we also bring you the budget updates for the chemical industry. Glance though our budget analysis as we capture industry thoughts regarding the benefits for the chemical sector.

For suggestions or feedback write to editorial@worldofchemicals.com

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