To many the energy industry is the biggest villain in the ongoing climate crisis. But as representatives from global oil and gas companies came together at the TT Energy Conference 2025, at the Hyatt Regency, Port of Spain, on February 10, the discussion centred around how the industry could aid climate action through decarbonisation.
In 2022 the International Energy Agency reported over 36.8 gigatonnes of carbon dioxide being emitted by the energy industry alone. Decarbonisation would see a significant reduction in this number by replacing traditional methods of production with low-carbon alternatives.
“The main message I want to leave with you is that we see the oil and gas industry as part of the solution rather than the problem,” said Rodrigo Vaz, director of upstream research at S&P Global Commodity Insights.
Vaz's presentation at the conference outlined how oil and gas companies can contribute to the global shift towards low-carbon energy while still advancing the energy industry.
In assessing how they can achieve low-carbon goals, Vaz says one of the first steps companies can take is improving operational efficiency. He said replacing equipment powered by fossil fuels with electric alternatives and effectively monitoring on-site issues such as methane leaks can catalyse major changes in operations.
Pollutive practices such as flaring and venting, which involve the burning or direct release of unused natural gas into the atmosphere, he said, can also be curbed through more effective capturing, use and conversion of the resource.
BP has reported a reduction of methane emissions from flaring and venting by using nitrogen to displace hazardous gasses. Heritage Petroleum began measuring venting and recommissioned a flare system which reduced emissions by 22 per cent. Perenco also expects to reduce emissions from 70kg of carbon dioxide per barrel of oil to 25kg by 2026 with its energy-efficiency project.
[caption id="attachment_1138635" align="alignnone" width="712"] Carbon capture and storage infographic. -[/caption]
And Vaz says even declining producers can help facilitate low-carbon solutions. He gave the example of the North Sea oil rigs located in Norway. Although production in those rigs is declining, he said their infrastructure can be used to support offshore wind farms and store and transport hydrogen. The vast network of pipelines is also ideal for carbon capture and storage (CCS) which removes carbon dioxide produced by industrial processes from the atmosphere storing it deep underground.
Vaz also emphasised the need for investment. Research into innovative low-carbon solutions requires funding from companies and stakeholders and in some companies, these initiatives are already underway.
Nutrien, a Canadian energy company with a base at the Point Lisas Industrial Estate, has been engaged in developing its CCS initiatives for more than a decade. Over two million tonnes of carbon dioxide have been captured and stored at its Redwater operation in Alberta and Geismar operation in L
