Often, oil and gas companies have been accused of neglecting the environment. Therefore, to rectify this problem, many shareholders in the explorations industry have come up with methods of helping oil companies safeguard the environment. The project is often referred to as going green and in the projects; fuel is produced in a more efficient manner, which at the same time protects the environment. Here are some ideas that some oil companies have already implemented.
Shareholders believe that if oil empires operate transparently, the environment shall not suffer much. Therefore, to ensure that the public feels that a company is not hiding anything, most companies make annual reports detailing the extraction refining and production of oil. In the accounts, the emphasis is placed on sustainability. In sustainability, companies ensure that they are producing enough oil and gas to satisfy the demand in the market but, at the same time, guaranteeing that there are more reserves left for future generations to get fuel from.
As much as the world is still greatly reliant on oil and gas, companies are being advised to turn to more renewable resources. Unlike non-renewable petroleum, renewable sources will never go extinct and will produce energy for generations. Some renewable resources that several firms have ventured into include; hydrogen, biofuel, wind and solar. Numerous methods continue to be researched to make them better so that people and companies can stop focusing on non-renewable sources and deal with renewable sources instead.
Oil spills pose a significant threat to life all around the globe. When an oil spill happens at sea, the oil layer covers the water surface preventing air from getting in and out of the water. As a result, marine life is threatened. Multiple companies have volunteered to clean up the messes on the water bodies and reduce greenhouse gas usage. Firms are also focused on reducing flaring.