ANNUAL OFFSHORE REPORT

2022 OFFSHORE OIL & GAS REPORT

How the offshore oil & gas sector can maximize value through the energy transition

Overhanging the entire offshore market has been an ongoing transition to more sustainable forms of energy. The transition gained momentum with the Paris Accord of 2015, ratified at the COP21 climate summit, and took on new visibility and scale in the wake of the COP26 climate summit, which culminated in the ratification of the Glasgow Climate Pact. Signatories publicly committed to accelerate the transition to renewable, sustainable energy sources and to lower carbon emissions by reducing fossil fuel usage—the first explicit mention of fossil fuel reduction in the history of such agreements.

The energy transition described in the agreements constitutes the greatest challenge ever faced by the O&G industry and the offshore services sector. But far more than the industry’s future is at stake because irrespective of how the energy transition eventually plays out, humankind itself faces a period of massive disruption in coming decades, with consequences that are neither entirely foreseeable nor preventable.

The most successful operators will bring to the table a holistic vision, unwavering focus, and relentless execution. Continue reading to see how four potential strategies—decarbonization, diversification, consolidation, and continuous O&G focus—can help operators mitigate, or at least lessen, the impact of the transition.

READ THE 2022 OFFSHORE OIL & GAS REPORT