Sabah’s Gemusut oil field: OGSE firms have to juggle between sustainability and survivability in meeting the global demand for net-zero emissions.
Sustainability, as often referred to, is the capacity to meet current needs without compromising the ability of future generations to provide for theirs. In the OGSE industry, sustainability means reducing the environmental impact of oil and gas exploration and production activities by minimising the carbon footprint, water usage and waste generated along the entire value chain.
On the other hand, prioritising sustainability over survivability could also be viewed as impractical and unwise, as it could result in massive job losses and lead to industry collapse and economic instability. Prioritising survivability over sustainability could lead to short-term cost savings and long-term financial instability due to the increased risks associated with expensive insurance policies and reputational damage.The harsh reality is that the survival of OGSE companies depends heavily on their ability to make profits.
This pressure comes from various stakeholders, including investors, regulators, operators and civil society groups, who demand more transparency and accountability from the industry. As a result of increasing awareness of climate-related issues, customers also require suppliers to demonstrate their environmental and social performance and reduce their carbon footprint.
To date, some OGSE companies have invested in clean energy and reduced their carbon footprint. For instance, some companies have developed renewable energy projects, while others have invested in carbon capture and storage technologies.
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