08/05/2020 | Press release | Distributed by Public on 08/05/2020 20:10
PESA's newly formed Energy Transition Committee, led by PESA Advisory Board Members Marco Caccavale, Baker Hughes, and Sanjiv Shah, Simmons Energy, a Division of Piper Sandler, discussed promoting the OFS role in embracing and collaborating on decarbonizing oil and gas. Leaders from Baker Hughes, BJ Services, Caterpillar, Fluid Delivery Solutions, NOV Completion & Production Solutions, Oerlikon Metco, Schlumberger, Simmons Energy, a Division of Piper Sandler, Solaris Oilfield Infrastructure, TechnipFMC and Vallourec serve on the committee.
The committee meets following a series of announcements from E&Ps doubling down on their commitments to reduce carbon emissions and meet climate related goals.
OFS TECHNOLOGY CRUCIAL TO DECARBONIZATION
'Energy transition is here to stay,' Caccavale said in his opening remarks. The committee's mission is to support PESA Members in embracing technology-driven efficiencies in their own operations, share best practices in innovation, and expand uses of natural gas in collaboration with new technologies that increase efficiency. The committee will also promote use of all available forms of energy to support the world's growing population.
Representing more than 200 companies providing equipment and services to energy producers makes PESA's Membership the leaders in technology innovation and digitalization. The Energy Transition Committee is an opportunity for Members to elevate their existing technologies that render oil and gas production more efficient and contribute to a decarbonized future.
The committee stays at the forefront of these technologies and will share developments and best practices as a way of helping the OFS sector continue its technological advancement. Finally, the Energy Transition Committee provides a forum for the sector to form new partnerships with renewable technology companies, governments and other sectors with increased use of lower carbon fuel sources and ways to extract them.
ENERGY TRANSITION'S GLOBAL CONTEXT
Sharing an analytical perspective, David Rabley, Accenture, discussed how the firm is specifically thinking about energy transition. Referring to the current energy transition as the 'decarbonization transition,' Rabley emphasized radical differences from previous supply-side driven transitions such as from wood to coal to oil. Beginning with economics, the current drive for decarbonization stems from the demand side, with society recognizing the imperative to reduce carbon emissions and operators responding to internal and external pressures in an expanded and converged future energy system.
Rabley also shared how three types of actions will define the pace and success of the energy transition. Through 'cleaning the core' companies can improve their current supply chains, technologies and infrastructures by increasing efficiencies, managing demand and improving operational performance therefore lowering emissions right now.
By 'accelerating the transition' there is new opportunity to drive the shift to cleaner energy supply sources such - gas as a transition fuel for example, or biofuels and intermittent renewables. Both sets actions have a massive, and broadly equivalent role in reduction of emissions potential.
On the more forward-looking side, the third set of actions, 'extending the frontier' captures technologies such as green hydrogen, and electricity based fuels with significant potential roles across sectors but yet to be commercially scaled.
Rabley emphasized the importance of these opportunities beyond the next decade, but reinforced the value of action today to support 'cleaning the core' as the most direct way to deliver decarbonization while creating shareholder value, returns and cashflow.
PESA's Energy Transition Committee will emphasize how current OFS sector technology is crucial in the production of energy globally efficiently and should be adopted more broadly for a decarbonized present and future. If you are interested in joining the committee, please contact Tim Tarpley, Vice President Government Affairs.WATCH THE PRESENTATION