More than three-quarters (77 per cent) of asset-intensive companies across the Middle East believe that technology will be required for their organisations to meet sustainability goals, making it the top requirement for these businesses overall.
Other needs identified include tax on carbon (34 per cent), and change in policy/laws (also 34 per cent).’
These were among the key findings of a new independent study commissioned by AspenTech, which polled the opinions of decision-makers working for asset-intensive organisations across the UAE, Qatar and Saudi Arabia.
The research findings suggest that the latest advanced technology solutions will play a major role in strategies to reduce emissions from existing assets and in developing new approaches to meet circularity and net zero goals.
In identifying a main barrier to their organisation meeting its sustainability targets over the next five years, 50 per cent stated the ‘need to meet increased demand for natural resources’ and 35 per cent referenced ‘lack of money and resources to implement internal sustainability strategies’.
Some 59 per cent of executives claimed they were investing more in digitalisation. But as this investment plays out, there may need to be a change of focus from asset-intensive businesses.
And 65 per cent rank renewable power among their organisation’s top investment priorities in terms of sustainability over the next five years.
While an ongoing migration to renewables, together with a shift to more electrification is a positive future trend, asset-intensive businesses should be investing in carbon capture, utilisation and storage (CCUS) technologies and digital solutions.
Doing all this will be critically important in addressing the dual challenge and driving efficiencies while also achieving sustainability goals.
ChatGPT speaks to OGN
Artificial intelligence (AI) tools like ChatGPT will have a critical impact on the oil and gas industry and become increasingly important for stakeholders.
The industry, which generates enormous amounts of data, needs to process (interpret, measure and quantify) that data to make decisions that can shape its trajectory.
With the help of AI, the industry will be able to do all of that more accurately and much faster.
ChatGPT is the latest in the AI arena and is leading a paradigm shift in several industries.
We chatted with the chatbot and asked some questions of our own.