Ten years ago, SPE published an influential set of six “grand challenges” for energy R&D and technology, based largely on traditional upstream operations and the prevailing business model for the oil and gas industry. The world looks very different now. The vision of a “net zero” energy sector is rapidly being translated into actions and milestones reaching to 2050. Despite the shared vision, there is a clear divergence in roadmaps to reach this goal.
Many O&G companies are expanding into renewables, while other companies are investing to develop a scalable carbon capture system. In addition, new technology now is driven not just by major companies, but also by venture investments across a diverse range of technologies. Our actions in this decade will define not only our pathway to meet 2050 net-zero goals, but also the new operating models for O&G companies both in traditional and in new energy markets such as storage, renewables and smart grids.