Commercializing the future: Strategies for sustainable growth in the upstream oil and gas sector
1 Independent Researcher Abuja, Nigeria.
2 Independent Researcher, Lagos, Nigeria.
3 Independent Researcher, Port Harcourt, Nigeria.
Review Article
Magna Scientia Advanced Research and Reviews, 2023, 08(01), 203–211
Article DOI: 10.30574/msarr.2023.8.1.0086
Publication history:
Received on 07 May 2023; revised on 20 June 2023; accepted on 24 June 2023
Abstract:
The upstream oil and gas sector faces a transformative challenge: achieving sustainable growth while maintaining profitability in an evolving global energy landscape. This paper proposes a conceptual framework to address this dual objective by examining critical dimensions of the sector's operations. It explores strategies for balancing sustainability and profitability, emphasizing the integration of innovative technologies such as carbon capture and renewable energy solutions. Commercialization strategies for emerging energy technologies are analyzed, highlighting the importance of scaling and stakeholder collaboration. Additionally, the paper investigates the influence of global and regional energy policies, market mechanisms, and future trends, including net-zero initiatives and green hydrogen development, on sustainable energy growth. The findings underscore the necessity of adopting sustainable practices, leveraging policy incentives, and fostering collaboration across the value chain. Recommendations are presented for industry stakeholders to align their strategies with sustainability goals, ensuring long-term competitiveness and environmental stewardship in the upstream sector.
Keywords:
Sustainable growth; Upstream oil and gas; Carbon capture; Energy policies; Emerging technologies; Green hydrogen
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Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0