President's Page: Energy transition as an opportunity for Latin American geoscientists, companies, and the people

Abstract

I am old enough to have experienced a change in thinking among oil and gas (O&G) executives and professionals — from a general skepticism, or even denial, to a more open mind toward climate change and carbon emissions. Perhaps arising as a late and uncomfortable reaction to scientific consensus and demands from consumers, shareholders, and the government, the energy industry nevertheless has come to acknowledge the impact it has on the environment and is taking proactive steps to counter the impact. This change in thinking also represents a business opportunity. O&G and service companies have a unique competence in dealing with the large uncertainty and extreme capital intensity of energy projects. They are experienced in scaling up technologies and developing cost-effective solutions. As such, they can make a big difference in a low-carbon and renewable future. In what some might view as a paradox, O&G practitioners can become the champions of the energy transition.