Hydrogen is emerging as an exciting future energy source to help drastically cut emissions from those ‘hard to decarbonise’ sectors (heat, transport and industry) that have haunted the dreams of our Energy and Environment Ministers over the last decade.
On 18th January, Scottish Enterprise launched the results of their study into Oil and Gas Diversification The material supports oil and gas supply chain companies to develop opportunities in other business sectors and is based on a study we conducted last year. (More info here)
In a study on Oil and Gas Diversification for Scottish Enterprise, Pale Blue Dot Energy highlighted the opportunity for Scotland to deploy surplus oil and gas capability on emerging future energy sectors including Wave and Tidal, CCS, Hydrogen and Heat. There is too little focus on Diversification, particularly in the North East. Oil and gas businesses should develop Diversification strategies in order to manage the long-term decline in oil and gas driven by price uncertainty and the Low Carbon transition.
The oil and gas industry is currently in crisis — supply exceeds demand and has resulted in oil prices falling to less than half their value of 12 months ago. According to the Financial Times in June 2015, this has led to postponement or cancellation of ca. $200 billion worth of projects worldwide (Adams, 2015). The industry is restructuring and many staff are being laid off; figures quoted in June 2015 indicate 150,000 worldwide (Eaton, 2015).