23 - 25 June 2019 06/23/2019 06:00 AM 06/25/2019 10:00 AM America/Los_Angeles AOGC 2019 FORGING A NEW ENERGY FUTURE Kuala Lumpur Convention Centre

NEWS

Impact of alternate energy on oil and gas sector
petroedge
Due to shortage or limited availability of oil and gas, companies today are evaluating how they can harness alternative energy sources. The alternate fuel market is targeting hydro and thermal power plants, however solar and wind are catching up fast as preferred energy sources. There are still reservations about nuclear energy considering the risk of nuclear waste or manufacturing of nuclear weapons. However, strategies are shaping up to minimize the risk and maximize the profitability potential. Until then, sources such as solar and wind are being focused upon more and new sources like bio fuels are explored extensively.
The shift towards alternate energy impact traditional oil and gas market
There have been huge investments in the different alternate energy avenues by most of the big oil majors. These heavy investments on various alternate technologies by big oil majors and other oil companies around the world indicates a positive outlook towards the scope of clean fuel energy. However, the feasibility of its application is still questionable. Whether or not it will be able to meet the energy needs of the world while upholding its profitability is a question that is bothering the world.

Let us understand what the shift means for the companies in the energy sector.
Rate of employment
Among all renewable energy sources that have been studied, bio energy has been most influential. The fuel is created and transported within a confined space. The work is extremely labor-intensive and hence scope of employment increases. Hydro power and wind power will generate job opportunities during construction and project development phase. However, once the unit is commissioned only few operational staff will be required to perform the operational work.
Enhanced cost-efficiency
Improved brand image
Higher market penetration and mass access to energy
Ethical investment avenue
Alternate energy in oil and gas
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