Sustainable Oil And Gas Issues: Decommissioning, CCUS, and Circular Economy

Abstract

It is without dispute that the oil and gas industry generally contribute to the
national growth and economic development of oil-rich countries across the globe.
It is also trite that the positive contribution of the industry comes at a cost to the
environment and the society. Meanwhile, the contemporary sustainable
development agenda emphasizes a balance between the triple bottom-line
consisting of the environment, society and economy, in a manner that economic
benefits do not come at environmental and social costs. Hence, this paper explores
some significant issues relevant for sustainable oil and gas development globally to
wit: decommissioning; carbon capture, utilization and storage (CCUS); and
circular economy. The paper finds that decommissioning constitutes an integral
aspect of environmental remediation and restoration required for proper and
adequate environmental management in the oil and gas industry. Second, the paper
finds that the implementation of CCUS can help tackle carbon emissions from
existing oil and gas facilities while allowing for continued oil and gas production.
The paper further finds that circular economy practices, such as reusing and
recycling production infrastructure and materials, can significantly reduce waste
and adverse environmental impacts from oil and gas production. This approach
not only extends the lifecycle of existing assets but also creates new economic
opportunities, such as the repurposing of offshore platforms into artificial reefs to
enhance marine biodiversity. Premised on these various findings, the paper
concludes that decommissioning, CCUS, and circular economy present some of
the most pressing sustainability issues for the oil and gas industry globally.