Energy Transition

How can companies currently working in the offshore oil & gas industry profit from the Energy Transition?

The global ‘Energy Transition’ from fossil fuels to green energy, is well underway and the pace of change is accelerating dramatically. Although the world’s total energy demand is growing steadily, political pressure is driving significant change in the global energy mix. Lower-carbon fuels like Natural Gas and zero-carbon renewable energy are the two fastest-growing energy sources, whilst conversely, demand for crude oil is expected to peak within the next few years.

Moreover, the crude oil and LNG markets have become very volatile, with growing imbalances in supply and demand as the global energy mix changes. The resulting price volatility can make financing and sanctioning new projects a real challenge. Developing a robust concept and project development plan for new facilities at an early stage will therefore become increasingly important.

Energy Transition therefore currently represents the biggest risk facing the offshore oil industry, as it exists today. Hundreds of thousands of people worldwide depend on the offshore oil & gas industry for their livelihood, but there remains a degree of complacency in the industry towards these key risks.

Yet, for every risk, there is an opportunity. At OpenWater Energy our approach is to treat the Energy Transition as an opportunity and explore ways for companies to benefit from the coming revolution in the offshore energy industry. This is relevant at all levels of the industry – from oil companies to EPCI contractors, supply chain and service companies. Whilst some have already fully embraced the change and are now pacesetters in the Renewables market (think of the transformation of DONG Energy into Ørsted A/S), many others seem to remain focussed on short term results at the expense of an ambitious mid to long term survival strategy embracing Energy Transition.

OpenWater Energy can help to build a robust business plan that profits from the opportunities created by the Energy Transition. Using tools such as Transferable Skills Mapping we can identify market opportunities and potential partners to accelerate diversification into LNG and Renewable Energies, and so help to build a more sustainable future.

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