Refineries, along with the rest of the traditional oil and gas integrated chains, face many challenges as the world moves towards Net Zero. They are major emitters of CO2 – and the costs for such GHG producers is only going to rise. Technology, and investment, is heading to a future where the primary and secondary sources of energy are going to be increasingly low-carbon – so demand for refineries’ products may decrease by 50% in the next 20 years.
Therefore, they must either change, or face an uncertain future. However, options exist for refineries to leverage carbon credits, and even become a vanguard of renewables through hydrogen – those that adapt will be the likely survivors in the Energy Transition.
Refineries are a major source of GHG emissions. Future Energy Partners can provide you with practical options and solutions to deliver a refinery fit for the future.
THE STATUS QUO
In the UK, refineries emit 6 million tonnes of CO2 every year and their products account for a further 150 million tonnes when used.
Refinery product slates vary globally, however approximately over 80% (EIA, 2020) of the product is used for transportation (gasoline, distillates and jet fuel) and heating.
Leveraging carbon credits, joining the hydrogen economy and leveraging partnerships.