Assessment of the Prospect and Challenges of the African Oil and Gas Industry in Harnessing Energy for a More Sustainable World

Abstract

In 2015, the United Nations General Assembly set up the Sustainable Development Goals as a follow up on the Millennium Development Goals and a masterplan to attain a better and more sustainable world by the year 2030. One of these goals (SDG 7), seeks to achieve affordable and clean energy for all the world's population by the year 2030. As a result, global efforts are being made to reduce greenhouse gas (GHG) emissions to limit pollution as well as enhance the development of renewable energies such as solar, wind, hydrothermal amongst others into the worlds energy system. The oil and gas industry has played a vital role in meeting the world's energy demand to date. 60% of world energy consumption was supplied by the oil and gas industry for year 2020 and as this demand keeps rising, the industry will continue to play this vital role in powering and enabling industries. Therefore, even as the world clamours for a shift from a world powered by fossil fuels to one sustained by green energy, the success of this global energy transition would still be heavily dependent on the drivers and players of fossil fuel technology. As such, there is a need for the African oil and gas industry to realize that although it may no longer be business as usual, this shift presents an opportunity for the industry to contribute to the emerging energy mix as well as correct negative perceptions the general public might have of the industry. To remain relevant, companies must adapt, invest in renewable energy research and development and build on existing technology. This paper explores and gives insight into the ways oil and gas companies have begun harnessing renewable energy in their operations, challenges being faced to reduce carbon emissions to achieve net zero and how hydrocarbon production operations can be done in a more environmentally safe manner. To strengthen this cause, stakeholders, policy makers and engineers in the African clime must investigate the dynamics, parallels and interdependency between conventional and renewable energy, to be strategically positioned to play a key role in the transition to a more sustainable future.