As the oil and gas industry navigates new market uncertainties, there is fresh impetus for downstream and petrochemicals companies to pursue strategies and technologies that will help raise the bar for sustainability.
The industry’s burgeoning shift towards sustainability was the focus of the first edition of the SIEW Energy Insights Webinar Series, co-hosted by SIEW and Clarion Events, organiser of SIEW partner event Asian Downstream Summit & Asian Refining Technology Conference.
The webinar brought together a panel of expert speakers for an engaging discussion on how companies in the downstream sector can respond to new sustainability demands.
The webinar commenced with a presentation by Ms Yulia Dobrolyubova, Partner of Corporate Sustainability and Climate Change (CSCC) at ERM on the current challenges faced by the industry with regards to low carbon transition. The second speaker, Mr Mok Thye Yee, Manager (FEED-Downstream) Group Technical Solutions, Project Delivery and Technology from Petronas spoke on emerging technologies that could move the energy transition forward. The speakers subsequently joined a question and answer (Q&A) session moderated by Mr Tim Rockell, Chairman of Energy & Utilities Business Committee, British Chamber of Commerce, Singapore.
Key highlights from the webinar include
- Navigating risks and opportunities in low carbon energy transition: In sharing ERM’s recent research, Ms Debralyubova said "The current market transformation presents a unique opportunity for energy companies and the related upstream and downstream sectors to rethink their future business strategy and invest in new solutions such as renewable energy systems."
- New Technologies to improve sustainability in oil and gas: In his presentation, Mr Mok from Petronas highlighted the potential for the oil and gas industry in Southeast Asia to tap into the region’s rich and diverse biomass resources to support the sustainability agenda. He pointed out how Thailand has tapped on the strength of its strong agricultural base to develop its bioplastics manufacturing hub.
- Growing emphasis on renewables and low emission technology: In a poll conducted during the webinar, one-third (33%) of the respondents said that energy companies should focus their emissions reduction efforts on decarbonising their own upstream and downstream operations with renewable energy over the next five years.
Don’t forget to check out what we have lined up in the upcoming sessions of the SIEW Energy Insights Webinar Series.