According to news analysis from Frost & Sullivan, a carbon-free future threatens oil and gas (O&G) companies with declining business growth in Europe, unless they successfully transfer their technology and skills into renewable energy, where they can potentially discover new business opportunities.
One of the most attractive renewable energy areas for O&G companies is offshore wind. The offshore wind market – fast-growing and backed by government support – must, nevertheless, overcome bottlenecks in the supply of components and a lack of purpose-built installations, according to Frost & Sullivan. The O&G industries can help offshore wind through technology transfer, as well as sharing their equipment and labor force.
‘While consumption of electricity from conventional energy sources has declined, consumption of electricity from renewable energy sources continues growing,’ states Zeinegul Hassan, research analyst for Frost & Sullivan's energy and power systems group.
To meet stated renewable energy goals while concurrently severing dependence on foreign oil and gas imports, European Union governments are laying favorable groundwork for attracting investments into the renewable energy industry and other carbon abatement technologies.
SOURCE: Frost & Sullivan