Interest in ESG (Environmental, Social & Governance) is soaring along with its importance. But how does this impact your Oil & Gas operation?
Because, let’s be honest, “sustainability” and “oil & gas” are rarely mentioned favourably in the same sentence.
So, should you set your sights on achieving a good ESG rating, or is it a lost cause?
As new information on ESG dominates our news feed, we can confidently report that there are exciting opportunities for Oil & Gas companies to enhance their ESG profile AND change public perception about the future of fossil fuels.
In fact, a simple software solution can provide for an 88% improvement in the Environmental pillar of ESG!
Ambitious claim? Perhaps, but we have all the supporting evidence
Our ProMonitor Live, ProTrend and ProMonitor Pipeline Risk & Integrity modules allow you to:
- Streamline operations by diverting resources to the most at-risk pipelines – as signalled by our remote monitoring system.
- Cut down on various harmful emissions (from travelling) by running your entire operation remotely.
- Increase your company’s health and safety with minimal travel and onsite inspections.
- Minimize your risk of accidental pollution/waste with instant notifications of your most at-risk pipelines.
- Improve public perception by preventing oil leaks with up-to-date reports of any potential catastrophes.
- Optimize energy management with advanced monitoring and control capabilities.
- Minimize your GHG (Greenhouse gases) emissions with intuitive monitoring of successful flaring processes.
- Prioritize the monitoring of pipelines close to environmentally sensitive areas by using numerous GIS layers.
- Protect your operation from potentially harmful influences by receiving constant public dataset updates for your maps.
- Be proactive by predicting flow regimes and corrosion rates.
- Preserve the environment AND your reputation with remote emergency shutdown and turning of valves.
These benefits have a positive impact on number 1 to 7 of the 8 categories listed by Bloomberg (ESG rating agency), which they consider when calculating the rating for the environmental section of ESG, specific to the oil & gas industry.
- Air Quality
- Climate Exposure
- Ecological Impact
- Water Management
- Energy Management
- Wastewater Management
- GHG Emissions Management
- Hazardous Waste Management
Embedded within these 8 categories are a set of specific considerations which are all addressed by incorporating our software solutions:
- Environmental scandals
- Environmental lawsuits
- Pollution, spills and waste
- Systemic risk management
- Environmental vulnerabilities and opportunities
- Legislation disputes or fines related to the environment
Even the smallest of scandals, lawsuits or fines caused by spills and pollution can ruin your ESG rating for a whopping 2 years!
On the flip side, imagine if in only 2 years – sooner if you don’t have any recent scandals or fines – you can walk away with a sterling ESG score?
It’s never too late – or too early! – to start improving your ESG profile.
Be on the lookout for our follow-up article, where we drill down deeper into how our software solutions impact the Environmental ESG categories.
Interested in exploring the benefits of all our modules? Browse to our dedicated pages or contact us for a free consultation and demo!