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A Plenary session on day 2 of Petrotech 2019 was organized on the theme ‘Energy Industry’s response to climate change-Opportunities and Challenges’. The speakers of this session were CMD, Oil India Limited Mr. Utpal Bora, Director(R&D) and Board Member of Indian Oil Corporation Dr. S.S.V. Ramakumar, Senior Energy Advisor Foreign and Commonwealth Office Dr. Nick Norton, Executive Advisor Boston Consulting Group LLP Mr. Marcus Richards, Chief Global Operations Officer BHGE Mr. Uwen Ukpong, Chief of Participant Relations and Fund Raising and Communication at United Nations Global Compact Ms. Sue Allchurch, and Senior Research Scholar at the Center on Global Energy Policy Mr. Jonathan Elkind along with Moderator, Senior Partner Emeritius Boston Consulting Group Mr. Ivan Marten.

Plenary session in progress
Plenary session in progress

The session began with the discussion on current projected carbon emission trend, which can result in very high global temperature rise. India has taken multiple measures to combat such climate changes and has come to realise that the Oil and Gas Companies are a part of the solution.

Moderator Senior Partner Emeritius Boston Consulting Group Mr. Ivan Marten posed the below mentioned questions:

  • In the wake of increasing climate change issues will the countries take stricter stance towards carbon emission and its impacts on the oil and gas companies?
  • Whether ‘no regret moves’ are potential investments for the oil and gas companies to make their portfolio more resilient to the climate change challenges?
  • Whether the measures taken by oil and gas companies are in the right direction and potential areas where they should step up their investments?
  • What are the necessary steps that should be taken by the oil and gas companies to improve public perception?

CMD, Oil India Limited Mr. Utpal Bora spoke about the challenges of upstream industry, use of oil and gas and ways to reduce carbon emission. He is hopeful that with advent of technology and infrastructures like pipelines the days are not far when carbon emission will be zero. He pointed out that gas is going to be a game changer, since it is cleaner than oil and coal, it has high potential and is available in abundance, and it is a supplement for electric vehicles. With coal and charcoal getting obsolete and LPG reaching the households will improve the health of the citizens. Lastly, he also mentioned that blending of biogas has to be reduced and he is optimistic about the bright future, i.e., use of CNG and reduced carbon emissions.

Director(R&D) and Board Member of Indian Oil Dr. S.S.V. Ramakumar explained the carbon conundrum and how Carbon emissions are growing at an alarming rate in a span of few years. He also highlighted on India being the third largest emitter of carbon after China and US, but measures are taken to cut down the carbon emissions of downstream and upstream industries, which is working steadily and will reach the desired target of 1.5% carbon emissions very soon.

The session concluded with a talk on technology leadership for a low carbon future.