It is without dispute that the oil and gas industry generally contribute to thenational growth and economic development of oil-rich countries across the globe.It is also trite that the positive contribution of the industry comes at a cost to theenvironment and the society. Meanwhile, the contemporary sustainabledevelopment agenda emphasizes a balance between the triple bottom-lineconsisting of the environment, society and economy, in a manner that economicbenefits do not come at environmental and social costs. Hence, this paper exploressome significant issues relevant for sustainable oil and gas development globally towit: decommissioning; carbon capture, utilization and storage (CCUS); andcircular economy. The paper finds that decommissioning constitutes an integralaspect of environmental remediation and restoration required for proper andadequate environmental management in the oil and gas industry. Second, the paperfinds that the implementation of CCUS can help tackle carbon emissions fromexisting oil and gas facilities while allowing for continued oil and gas production.The paper further finds that circular economy practices, such as reusing andrecycling production infrastructure and materials, can significantly reduce wasteand adverse environmental impacts from oil and gas production. This approachnot only extends the lifecycle of existing assets but also creates new economicopportunities, such as the repurposing of offshore platforms into artificial reefs toenhance marine biodiversity. Premised on these various findings, the paperconcludes that decommissioning, CCUS, and circular economy present some ofthe most pressing sustainability issues for the oil and gas industry globally.
Omotuyi et al. (Wed,) studied this question.