Oil and Gas in the Energy Transition: An Increasingly Positive Industry Outlook

By Oliver C. Mullins, Schlumberger Fellow

Oil and Gas in the Energy Transition: An Increasingly Positive Industry Outlook


As the global community looks to the future, sustainable development and climate resilience are two outcomes dependent on the energy transition, which is the most prudent, proactive pathway for the worldwide energy sector to successfully transform from fossil fuel reliance to zero-carbon emissions by 2050 as per the Paris Agreement. 


While the wider energy sector is rightfully focusing on the decades ahead and safeguarding our plant for tomorrow’s generations, understanding the current state of the ongoing energy transition is paramount, as is realizing the influence, importance, and contributions of oil and gas (O&G) segment past, present, and future. 


First and foremost, we must appreciate that O&G has long assumed a starring role in veering billions away from the depths of poverty, helping to produce and deliver affordable, dependable energy across geographies. Yet energy’s vitality to people, businesses, industries, nations, and our way of life means it must continue to be affordable and dependable throughout the energy transition. O&G is primed to maintain its status as a significant contributor for the foreseeable, as has been predicted by major apolitical energy organizations, the EIA and IEA. Specific requirements must, however, be met along the energy transition route. 


Among them is extensively exploring carbon capture, utilization, and sequestration (CCUS) to mitigate climate change. Without question, fossil fuels impact our environment and climate alike, yet without them, the world certainly loses access to a dependable, affordable energy source. 


As such, the O&G industry must balance fossil fuel production with footprint and emissions reduction throughout the energy transition to avoid the worst possible impacts of climate change. Technological innovation will play a key role in making this possible and fossil fuel production more economical as new constraints and costs are introduced. Furthermore, from an O&G perspective, such outcomes are certainly feasible when considering the industry’s recent success in other areas. 


For example, the standard of living aligns with energy consumption as affordable, dependable energy is required for today’s world to function – a requirement that continues to be met largely by O&G. Meanwhile, another less known aspect is that O&G is perhaps the world’s most diverse industry, with technical and business contributions from all points on the globe. 


The industry generally serves as an exceptional model for incorporating diversity and inclusion while maintaining strict standards of excellence – a winning formula thus far and one sure to remain crucial where sustaining O&G energy transition contributions is concerned. Success here will support the industry’s long-term development, although attracting and retaining talent is equally imperative. 


Within O&G, there are many opportunities for talent, and, with the more excellent connectivity available today, talent can seek the best opportunities anywhere in the world. From a personal point of view, my experience in the industry provided me with a path to motivate people’s career choices. I love the multidisciplinary challenges in geoscience and engineering – challenges that are fundamental to the O&G industry and, in turn, lead to valuable opportunities. 


For instance, being part of diverse teams investigating reservoirs worldwide is fulfilling because each is unique. Whether individually or collectively, talent can make a real difference in this industry, improving our mission to provide all the affordable, dependable energy required. Already, the O&G industry has a proven track record of advancing diverse talent to meet increasingly demanding challenges successfully. While the energy transition might be the most significant challenge, it provides opportunities of the highest order for those seeking a fulfilling career. 


About the Author


Oliver C. Mullins, P.hD., is a Schlumberger Fellow and ADIPEC Awards Lifetime Achievement Award winner (2020)

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IndraStra Global: Oil and Gas in the Energy Transition: An Increasingly Positive Industry Outlook
Oil and Gas in the Energy Transition: An Increasingly Positive Industry Outlook
By Oliver C. Mullins, Schlumberger Fellow
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