Going beyond incremental operational improvements, the quickening pace of digitalization in the O&G industry has allowed for the creation of the \u2018digital oilfield\u2019, a process that is starting to come to prominence. Through the use of cloud technologies and big data, the digital oilfield allows for all operational data to be monitored, analyzed, and utilized in real time, leading to safer, more sustainable decisions being made.<\/p>\n

\n
1. \n

   Greater acquisition and use of renewable energy<\/h3>\n<\/li>\n<\/ol>\n

   While many O&G companies are looking to lower emissions, just as many are also looking to diversify into the renewables market. At the beginning of 2018, BP said that $0.5 billion of its capital investment fund would be dedicated to clean energy, and the company recently bought a $200 million stake in Europe\u2019s largest solar producer. With more high-profile investments like this becoming the norm, O&G companies are set to transform into a significant investor base for renewables in the coming decades.<\/p>\n

   Equally exciting are the advances being made in biofuel, which may enable production levels on a much larger scale in the near future. Exxon Mobil is currently developing its Calipatria site and believes that, due to recent major breakthroughs, it will be capable of producing 10,000 barrels of biofuel per day by 2025. This is an essential step forward in the foundation of an entirely sustainable and renewable biofuel industry.<\/p>\n

   Also Read:<\/strong>\u00a0Importance of global expansion for Oil & Gas Companies<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

   With governments across the Middle East and wider world setting targets for lower carbon emissions and a greater presence of renewables in their national energy mix, the oil and gas industry is looking towards cleantech innovations to find the best ways to successfully pivot towards this future energy vision. Increasingly, […]<\/p>\n","protected":false},"author":4,"featured_media":2145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30,10],"tags":[],"_links":{"self":[{"href":"https:\/\/getglobalgroup.com\/qa\/wp-json\/wp\/v2\/posts\/2079"}],"collection":[{"href":"https:\/\/getglobalgroup.com\/qa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/getglobalgroup.com\/qa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/getglobalgroup.com\/qa\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/getglobalgroup.com\/qa\/wp-json\/wp\/v2\/comments?post=2079"}],"version-history":[{"count":7,"href":"https:\/\/getglobalgroup.com\/qa\/wp-json\/wp\/v2\/posts\/2079\/revisions"}],"predecessor-version":[{"id":2146,"href":"https:\/\/getglobalgroup.com\/qa\/wp-json\/wp\/v2\/posts\/2079\/revisions\/2146"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/getglobalgroup.com\/qa\/wp-json\/wp\/v2\/media\/2145"}],"wp:attachment":[{"href":"https:\/\/getglobalgroup.com\/qa\/wp-json\/wp\/v2\/media?parent=2079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/getglobalgroup.com\/qa\/wp-json\/wp\/v2\/categories?post=2079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/getglobalgroup.com\/qa\/wp-json\/wp\/v2\/tags?post=2079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}