The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry

Ekrem Alagoz; Yaser Alghawi

doi:doi:10.11648/j.jenr.20231202.12

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The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry

Ekrem Alagoz, Yaser Alghawi

Published in Journal of Energy and Natural Resources (Volume 12, Issue 2)

Received: 29 May 2023 Accepted: 15 June 2023 Published: 27 June 2023

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Abstract

The transition from fossil fuels to renewable energy sources is fundamentally transforming the global energy sector, resulting in significant implications for the oil and gas industry. This paper presents a comprehensive overview of the energy transition, focusing specifically on the challenges encountered by the oil and gas industry and proposing strategies to effectively navigate this transformative shift. By analyzing academic literature and industry reports, this paper investigates the drivers behind the energy transition, such as governmental policies, the declining costs of renewable technologies, and the growing public demand for clean energy. Additionally, it examines the obstacles faced by the oil and gas industry, including decreasing demand, economic and technological barriers, and complex regulatory frameworks. Furthermore, the paper explores various strategies that can be employed to navigate the energy transition successfully. These strategies include diversification into renewable energy sources, collaboration with relevant stakeholders, investment in research and development, and the adoption of new and innovative business models. By implementing these strategies, the oil and gas industry can maintain its competitiveness, address the declining demand for fossil fuels, and actively contribute to global efforts aimed at mitigating climate change. The paper concludes by emphasizing the vital role of collaboration, research and development investments, and supportive policies in achieving a sustainable energy future.

Published in	Journal of Energy and Natural Resources (Volume 12, Issue 2)
DOI	10.11648/j.jenr.20231202.12
Page(s)	21-24
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2023. Published by Science Publishing Group

Keywords

Climate Change, Energy Transition, Greener Energy, Oil and Gas, Renewables

References

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[7]	IEA, Global Energy Review 2021. 2021: Paris.
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[10]	Deutch, J., Is Net Zero Carbon 2050 Possible? Joule, 2020. 4 (11): p. 2237-2240.
[11]	D. Arent, et al. 2017. The Political Economy of Clean Energy Transitions, ed. Oxford University Press.
[12]	Dimitrov, R. S., The Paris Agreement on Climate Change: Behind Closed Doors. Global Environmental Politics, 2016. 16 (3): p. 1-11.
[13]	Seo, S. N., Beyond the Paris Agreement: Climate change policy negotiations and future directions. Regional Science Policy & Practice, 2017. 9 (2): p. 121-140.
[14]	Elshkaki, A., The implications of material and energy efficiencies for the climate change mitigation potential of global energy transition scenarios. Energy, 2023. 267: p. 126596.
[15]	Tudor, C. and R. Sova, On the Impact of GDP per Capita, Carbon Intensity and Innovation for Renewable Energy Consumption: Worldwide Evidence. Energies, 2021. 14 (19): p. 6254.
[16]	Alagoz, E., AlNasser, F., Ozkan, Y., Dundar, E. C., Shiriyev, J. Overview of Closed-Loop Enhanced Geothermal Systems. International Journal of Earth Sciences Knowledge and Applications (2023) 5 (1), 156-162. http://www.ijeska.com/article/view/269
[17]	Gómez-Ramírez, G. A.; Meza, C.; Mora-Jiménez, G.; Morales, J. R. R.; García-Santander, L. The Central American Power System: Achievements, Challenges, and Opportunities for a Green Transition. Energies 2023, 16, 4328. https://doi.org/10.3390/en16114328
[18]	Lutta, Nelson "Diversification of Africa's Energy Portfolio': Economic Outlook a Case Study of Kenya". Paper presented at the SPE/AAPG Africa Energy and Technology Conference, Nairobi City, Kenya, December 2016. doi: https://doi.org/10.2118/AFRC-2575262-MS
[19]	Hoxha, Beso Buranaj, Ternava, Trim, and Dafina Bucaj. "Energy Transition Strategies to Implement Energy Security of Natural Resources: Albania Case Study". Paper presented at the SPE EuropEC - Europe Energy Conference featured at the 84th EAGE Annual Conference & Exhibition, Vienna, Austria, June 2023. doi: https://doi.org/10.2118/214356-MS
[20]	Gonzalez, J. M.; Tomlinson, J. E.; Martínez Ceseña, E. A.; Basheer, M.; Obuobie, E.; Padi, P. T.; Addo, S.; Baisie, R.; Etichia, M.; Hurford, A.; et al. Designing diversified renewable energy systems to balance multisector performance. Nat. Sustain. 2023.

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Ekrem Alagoz, Yaser Alghawi. (2023). The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry. Journal of Energy and Natural Resources, 12(2), 21-24. https://doi.org/10.11648/j.jenr.20231202.12

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ACS Style

Ekrem Alagoz; Yaser Alghawi. The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry. J. Energy Nat. Resour. 2023, 12(2), 21-24. doi: 10.11648/j.jenr.20231202.12

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AMA Style

Ekrem Alagoz, Yaser Alghawi. The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry. J Energy Nat Resour. 2023;12(2):21-24. doi: 10.11648/j.jenr.20231202.12

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@article{10.11648/j.jenr.20231202.12,
  author = {Ekrem Alagoz and Yaser Alghawi},
  title = {The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry},
  journal = {Journal of Energy and Natural Resources},
  volume = {12},
  number = {2},
  pages = {21-24},
  doi = {10.11648/j.jenr.20231202.12},
  url = {https://doi.org/10.11648/j.jenr.20231202.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jenr.20231202.12},
  abstract = {The transition from fossil fuels to renewable energy sources is fundamentally transforming the global energy sector, resulting in significant implications for the oil and gas industry. This paper presents a comprehensive overview of the energy transition, focusing specifically on the challenges encountered by the oil and gas industry and proposing strategies to effectively navigate this transformative shift. By analyzing academic literature and industry reports, this paper investigates the drivers behind the energy transition, such as governmental policies, the declining costs of renewable technologies, and the growing public demand for clean energy. Additionally, it examines the obstacles faced by the oil and gas industry, including decreasing demand, economic and technological barriers, and complex regulatory frameworks. Furthermore, the paper explores various strategies that can be employed to navigate the energy transition successfully. These strategies include diversification into renewable energy sources, collaboration with relevant stakeholders, investment in research and development, and the adoption of new and innovative business models. By implementing these strategies, the oil and gas industry can maintain its competitiveness, address the declining demand for fossil fuels, and actively contribute to global efforts aimed at mitigating climate change. The paper concludes by emphasizing the vital role of collaboration, research and development investments, and supportive policies in achieving a sustainable energy future.},
 year = {2023}
}

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TY  - JOUR
T1  - The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry
AU  - Ekrem Alagoz
AU  - Yaser Alghawi
Y1  - 2023/06/27
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DO  - 10.11648/j.jenr.20231202.12
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JF  - Journal of Energy and Natural Resources
JO  - Journal of Energy and Natural Resources
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PB  - Science Publishing Group
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AB  - The transition from fossil fuels to renewable energy sources is fundamentally transforming the global energy sector, resulting in significant implications for the oil and gas industry. This paper presents a comprehensive overview of the energy transition, focusing specifically on the challenges encountered by the oil and gas industry and proposing strategies to effectively navigate this transformative shift. By analyzing academic literature and industry reports, this paper investigates the drivers behind the energy transition, such as governmental policies, the declining costs of renewable technologies, and the growing public demand for clean energy. Additionally, it examines the obstacles faced by the oil and gas industry, including decreasing demand, economic and technological barriers, and complex regulatory frameworks. Furthermore, the paper explores various strategies that can be employed to navigate the energy transition successfully. These strategies include diversification into renewable energy sources, collaboration with relevant stakeholders, investment in research and development, and the adoption of new and innovative business models. By implementing these strategies, the oil and gas industry can maintain its competitiveness, address the declining demand for fossil fuels, and actively contribute to global efforts aimed at mitigating climate change. The paper concludes by emphasizing the vital role of collaboration, research and development investments, and supportive policies in achieving a sustainable energy future.
VL  - 12
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Author Information

Ekrem Alagoz

R&D Department, Turkish Petroleum Corporation (TPAO), Ankara, Turkey
Yaser Alghawi

Harold Vance Department of Petroleum Engineering, Texas A&M University, College Station, United States

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APA Style

Ekrem Alagoz, Yaser Alghawi. (2023). The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry. Journal of Energy and Natural Resources, 12(2), 21-24. https://doi.org/10.11648/j.jenr.20231202.12

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ACS Style

Ekrem Alagoz; Yaser Alghawi. The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry. J. Energy Nat. Resour. 2023, 12(2), 21-24. doi: 10.11648/j.jenr.20231202.12

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AMA Style

Ekrem Alagoz, Yaser Alghawi. The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry. J Energy Nat Resour. 2023;12(2):21-24. doi: 10.11648/j.jenr.20231202.12

Copy | Download

@article{10.11648/j.jenr.20231202.12,
  author = {Ekrem Alagoz and Yaser Alghawi},
  title = {The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry},
  journal = {Journal of Energy and Natural Resources},
  volume = {12},
  number = {2},
  pages = {21-24},
  doi = {10.11648/j.jenr.20231202.12},
  url = {https://doi.org/10.11648/j.jenr.20231202.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jenr.20231202.12},
  abstract = {The transition from fossil fuels to renewable energy sources is fundamentally transforming the global energy sector, resulting in significant implications for the oil and gas industry. This paper presents a comprehensive overview of the energy transition, focusing specifically on the challenges encountered by the oil and gas industry and proposing strategies to effectively navigate this transformative shift. By analyzing academic literature and industry reports, this paper investigates the drivers behind the energy transition, such as governmental policies, the declining costs of renewable technologies, and the growing public demand for clean energy. Additionally, it examines the obstacles faced by the oil and gas industry, including decreasing demand, economic and technological barriers, and complex regulatory frameworks. Furthermore, the paper explores various strategies that can be employed to navigate the energy transition successfully. These strategies include diversification into renewable energy sources, collaboration with relevant stakeholders, investment in research and development, and the adoption of new and innovative business models. By implementing these strategies, the oil and gas industry can maintain its competitiveness, address the declining demand for fossil fuels, and actively contribute to global efforts aimed at mitigating climate change. The paper concludes by emphasizing the vital role of collaboration, research and development investments, and supportive policies in achieving a sustainable energy future.},
 year = {2023}
}

Copy | Download

TY  - JOUR
T1  - The Energy Transition: Navigating the Shift Towards Renewables in the Oil and Gas Industry
AU  - Ekrem Alagoz
AU  - Yaser Alghawi
Y1  - 2023/06/27
PY  - 2023
N1  - https://doi.org/10.11648/j.jenr.20231202.12
DO  - 10.11648/j.jenr.20231202.12
T2  - Journal of Energy and Natural Resources
JF  - Journal of Energy and Natural Resources
JO  - Journal of Energy and Natural Resources
SP  - 21
EP  - 24
PB  - Science Publishing Group
SN  - 2330-7404
UR  - https://doi.org/10.11648/j.jenr.20231202.12
AB  - The transition from fossil fuels to renewable energy sources is fundamentally transforming the global energy sector, resulting in significant implications for the oil and gas industry. This paper presents a comprehensive overview of the energy transition, focusing specifically on the challenges encountered by the oil and gas industry and proposing strategies to effectively navigate this transformative shift. By analyzing academic literature and industry reports, this paper investigates the drivers behind the energy transition, such as governmental policies, the declining costs of renewable technologies, and the growing public demand for clean energy. Additionally, it examines the obstacles faced by the oil and gas industry, including decreasing demand, economic and technological barriers, and complex regulatory frameworks. Furthermore, the paper explores various strategies that can be employed to navigate the energy transition successfully. These strategies include diversification into renewable energy sources, collaboration with relevant stakeholders, investment in research and development, and the adoption of new and innovative business models. By implementing these strategies, the oil and gas industry can maintain its competitiveness, address the declining demand for fossil fuels, and actively contribute to global efforts aimed at mitigating climate change. The paper concludes by emphasizing the vital role of collaboration, research and development investments, and supportive policies in achieving a sustainable energy future.
VL  - 12
IS  - 2
ER  -

Copy | Download