World Petroleum Congress Talks Energy Transition

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The 23rd WPC took place last week in Houston (our beloved home base) for its first time back in the U.S. in more than 30 years. 

The week was filled with energy and oil and gas leaders, politicians, and innovators looking at what’s in store for the industry and the world as it pertains to energy.

The big takeaways:

  • There’s no one “right answer” to the complex challenge of meeting growing energy demands while also lowering carbon emissions

  • Developing and scaling (<<<--- especially scaling) zero-carbon energy alternatives is vital

  • The energy transition will take time and will be a tight-rope-walk-level balancing act

Fossil Fuels Won’t Disappear Overnight

Discussions around the role of oil companies in the energy transition were a hot topic. Fossil fuel execs are fighting for continued investment in existing infrastructure to meet growing global supply. They’re also making promises to reduce emissions and invest in emerging technologies. Environmentalists say it’s not big enough fast enough. 

Stopping New Emissions and Reducing Old Ones

Experts agree that reducing future carbon emissions is vital to reaching climate goals. This was reported by Captain Obvious. But the latest reports are showing that alone won’t be enough—that past emissions need to be “undone.” Those efforts need to be combined with investment in technologies like carbon capture and storage (CCS).

Oil Companies are Walking the Finest Line

Oil majors are beholden to stockholders, being pressured by investors, activists and environmentalists, and working to meet growing energy demand while reducing emissions. Most seem to have come to terms with careful, measured steps—like a compromise where everyone walks away with something but also still angry. 

For example, ExxonMobil plans to continue big investments in oil projects—alongside big investments in carbon capture, biofuels, and other lower-emission projects.

Where Do We Go From Here?

Purposefully, strategically, yet boldly forward through the long, arduous energy transition.