The Role of The Oil and Gas Industry in The Transition Towards A Circular Economy
Current economies rely on oil and gas industries given their need for fossil fuel energy sources. For a transition towards a more circular economy (CE), fuelled by renewable energy with non-renewable resources circulating in closed loop, oil and gas companies can support the CE transition by implementing circular measures regarding waste management and treatment, and investing in low carbon and renewable energy technologies. This paper aims at identifying strategies and measures undertaken by oil and gas companies, which could support the CE transition. Case studies of two oil and gas majors analysestrategic, financial and environmental data. Results show that both corporations increasingly invest in alternative energy technologies such as solar, biofuels, wind and hydrogen. However, upstream oil and gas production and downstream sales of oil products remain their core revenue streams. Several projects and initiatives have been identified as supporting the CE transition. Further research could focus on quantifying the actual contribution of those projects to a CE, their environment impacts and their financial prospects.
Keywords - Oil and Gas, Corporate Strategy, Circular Economy, Energy Management, Decarbonisation