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Analysis of environmental impact on oil & gas company
1. Oil and Gas majors
School of Petroleum Management,
Analysis of impact of climate change on
2011
Pandit Deendayal Petroleum University, Gandhinagar
The Oil & Gas Sector has a variety of impacts on the environment. These
impacts depends upon the stage of the process, the size and complexity of the
project, the nature and sensitivity of the surrounding environment and the
effectiveness of planning, pollution prevention, mitigation and control
techniques. This paper consists of macro-Analysis of Impact as well as potential
risk faced by Oil & Gas Majors because of Climate Change.
15 Month Executive MBA Programme
Anil Kumar Sahu (20104004)
Sandeep Prasad (20104005)
Sarjeevan Sainbhi (20104006)
2. Analysis of impact of climate change on Oil and Gas majors Exe-MBA10
CONTENT
Sr. Page
Description
No. No.
1. INTRODUCTION 4
2. WORLD OIL & GAS MAJORS 4
3. WORLD ENERGY BASKET & RELATED FACTS 5
4. INDIA’S NATIONAL ACTION PLAN FOR CLIMATE CHANGE 7
5. LEGAL AND REGULATORY FRAMEWORK IN INDIA 8
6. ENVIRONMENTAL ISSUES FOR THE INDIAN OIL & GAS SECTOR 9
7. A NEW RISK LANDSCAPE CREATED BY INEVITABLE CLIMATE CHANGE 13
8. CHANGE DRIVER FOR OIL AND GAS COMPANY 17
9. SUMMARY: BUSINESS PERSPECTIVE 20
10. REFERENCES 21
Anil Kumar Sahu (20104004); Sandeep Prasad (20104005); Sarjeevan Sainbhi (20104006)
3. Analysis of impact of climate change on Oil and Gas majors Exe-MBA10
LIST OF ABBREVIATION
CO2 Carbon Dioxide
CPCB Central Pollution Control Board
E&P Exploration & Production
EPA Environmental Protection Act (India)
GHG Greenhouse Gas
IPCC Intergovernmental Panel on Climate Change
MoEF Ministry of Environment and Forests of India
SPCB State Pollution Control Board
Anil Kumar Sahu (20104004); Sandeep Prasad (20104005); Sarjeevan Sainbhi (20104006)
4. Analysis of impact of climate change on Oil and Gas majors Exe-MBA10
1.0 INTRODUCTION
The oil and gas industry is truly global, with operations conducted in every corner of the globe, from Alaska to
Australia, from Peru to China, and in every habitat from Arctic to desert, from tropical rainforest to
temperate woodland, from mangrove to offshore. The global community will rely heavily on oil and gas
supplies for the foreseeable future. World primary energy consumption in 2010 stood at nearly 12002
million tonnes of oil equivalents (BP Statistical Review of World Energy, June 2011); oil and gas represented
57 per cent of world energy supply, with coal providing 29 per cent, nuclear energy 5 per cent and hydro-
electric 7 per cent. The challenge is to meet world energy demands, whilst minimizing adverse impact on the
environment by conforming to current good practice.
2.0 WORLD OIL & GAS MAJORS
Below Figures details Oil & Gas producing Nations in the world?
Oil Producing Nations
Source: https://scsenergygeneration.wikispaces.com/Fossil+Fuels+Coal,+Oil+%26+Gas
Natural Gas Producing Nations
Source: http://baftechnologies.com/blog/natural-gas-vehicles-around-the-world/
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Source: 1. Ranked in order of 2007 worldwide oil equivalent reserves as reported in "OGJ 200/100", Oil & Gas Journal,
September 15, 2008.
3.0 WORLD ENERGY BASKET & RELATED FACTS
Renewable
Energy
Energy
hydro
2%
Nuclear
7%
5%
Oil and Gas
Coal
Nuclear
Coal Oil and Gas hydro
29% 57%
Renewable Energy
Source: BP Statistical Review of World Energy June 2011
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World CO2 emission by sector and fuel
Energy supply sector is contributing most to the world CO 2 emission compare to other sector in 2004, followed by
industry with 21%
Waste and
wastewater GHG emissions by sector
3%
Waste and wastewater
Forestry Energy Supply
19%
Transport
Energy Supply
Agriculture 28%
14% Residential and commercial
Building
Transport Industry
14% Residential
Industry
and
21%
commercial Agriculture
Building
1%
Source: IPCC
GHG emissions by sector in 2004
In 2009, nearly 57% of CO2 emissions from fuel combustion were produced from oil and gas (oil 37% and
20% Gas). Coal contributed 37%.
GHG emission by Fuel
Others
0.4%
Oil
Coal Oil
36.7%
43.0% Natural Gas
Coal
Others
Natural Gas
19.9%
Source: IEA
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The exploitation of oil and gas reserves has not always been without some ecological side effects. Oil
spills, damaged land, accidents and fires, and incidents of air and water pollution have all been recorded at
various times and places.
4.0 INDIA’S NATIONAL ACTION PLAN FOR CLIMATE CHANGE
The Action Plan is based upon seven guiding principles, presented below, that will form the basis for a
sustainable development path that also advances economic and environmental objectives. The Plan
emphasizes the overriding priority of maintaining high economic growth rates to raise living standards in
the country and identifies “measures that promote our development objectives while also yielding co-
benefits for addressing climate change effectively.” The Plan also pledges that India’s per capita GHG
emissions “will at no point exceed that of developed countries even as we pursue our development
objectives.”
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5.0 LEGAL AND REGULATORY FRAMEWORK IN INDIA
There is no specific legislation at present dealing exclusively with regulations of sources of GHG emissions
in India, but several environmental regulations have climate co-benefits. In the recent initiatives for
mitigating GHG emissions, the sectoral approach is being considered an important tool to combat climate
change by regulating emissions at the sources in various sectors of the economy. India has taken
important policy measures at the sectoral level with regard to GHG emissions (see below table).
5.1 Gaps for Regulatory Framework for GHG Emissions in India
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6.0 ENVIRONMENTAL ISSUES FOR THE INDIAN OIL & GAS SECTOR
6.1 Human, socio-economic and cultural impacts
Source: http://blogs.telegraph.co.uk/culture/tomchivers/100045477/the-met-offices-climate-change-report-
between-denial-and-alarm-lies-reality/
Exploration and production operations are likely to induce economic, social and cultural changes. The
extent of these changes is especially important to local groups, particularly indigenous people who may
have their traditional lifestyle affected. The key impacts may include changes in:
land-use patterns, such as agriculture, fishing, logging, hunting, as a direct consequence or as a
secondary consequence by providing new access routes, leading to unplanned settlement and
exploitation of natural resources;
local population levels, as a result of immigration and in-migration of a remote population due to
increased access and opportunities;
socio-economic systems due to new employment opportunities, income differentials, inflation,
differences in per capita income, when different members of local groups benefit unevenly from
induced changes;
socio-cultural systems such as social structure, organization and cultural heritage, practices and
beliefs, and secondary impacts such as effects on natural resources, rights of access, and change in
value systems influenced by foreigners
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6.3 Aquatic impacts
Source: http://sanunewa.hubpages.com/hub/Global-Climate-Change-Effects-on-Ocean
The principal aqueous waste streams resulting from exploration and production operations are:
produced water;
drilling fluids, cuttings and well treatment chemicals;
process, wash and drainage water;
sewerage, sanitary and domestic wastes;
spills and leakage; and
Cooling water.
The volumes of waste produced depend on the stage of the exploration and production process.
During seismic operations, waste volumes are minimal and relate mainly to camp or vessel activities. In
exploratory drilling the main aqueous effluents are drilling fluids and cuttings, whilst in production
operations—after the development wells are completed—the primary effluent is produced water.
6.4 Terrestrial impacts
Source: http://adelinemccarthy.blogspot.com/
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Potential impacts to soil arise from three basic sources:
physical disturbance as a result of construction;
contamination resulting from spillage and leakage or solid waste disposal; and
Indirect impact arising from opening access and social change.
Potential impacts that may result from poor design and construction include soil erosion due to soil
structure, slope or rainfall. Left undisturbed and vegetated, soils will maintain their integrity, but, once
vegetation is removed and soil is exposed, soil erosion may result. Alterations to soil conditions may result
in widespread secondary impacts such as changes in surface hydrology and drainage patterns, increased
siltation and habitat damage, reducing the capacity of the environment to support vegetation and wildlife.
6.5 Ecosystem Impact
Source: http://www.cop.noaa.gov/stressors/climatechange/features/fs-2008-02-14-cc.aspx
Plant and animal communities may be directly affected by changes in their environment through variations
in water, air and soil quality and through disturbance by noise. Such changes may directly affect the
ecology: for example, habitat, food and nutrient supplies, breeding areas, migration routes etc. The effect is
upsetting of the nutrient balances and microbial activity of the soil.
6.6 Potential emergencies
Plans for all seismic, drilling and production operations should incorporate measures to deal with potential
emergencies that threaten people, the environment or property. However, even with proper planning,
design and the implementation of correct procedures and personnel training, incidents can occur such as:
spillage of fuel, oil, gas, chemicals and hazardous materials;
oil or gas well blowout;
explosions;
fires (facility and surrounds);
unplanned plant upset and shutdown events;
natural disasters and their implications on operations, for example flood, earthquake, lightning; and
War and sabotage.
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7.0 A NEW RISK LANDSCAPE CREATED BY INEVITABLE CLIMATE CHANGE
Brand value
Climate
Change Physical risk
Risk on
Oil and Business risk
Gas Competiveness risk
Sector
Regulatory risk
Finance
Threat from renewable
7.1 Brand Value:
Managing carbon emissions can enhance brand value; recent marketing studies from UK show that 67% of
consumers more inclined to buy a product with a low carbon footprint; 49% more likely to buy if carbon
footprint details are on packaging of products. COMPANIES that manage their carbon emissions
responsibly can significantly enhance their brand value and make themselves and their products more
attractive to potential customers as well as investors.
Carbon foot-printing is a hugely valuable tool for understanding the impact a business has on climate
change and how to use that footprint as part of a long-term plan to reduce carbon emissions. Foot-
printing can also help businesses to improve processes, cut costs and meet reporting requirements for
environmental legislation.
There are two types of carbon footprint that need to be addressed. An organizational carbon footprint
can measure the direct greenhouse gas emissions from all activities across the organization, including
energy used in buildings, industrial processes and company vehicles, as well as indirect emissions such as
business travel. A product carbon footprint measures greenhouse gas emissions over the whole life of a
product, goods or service, from the extraction of raw materials and manufacturing right through to its
use, recycling and disposal.
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Quantifying greenhouse gas emissions through a carbon foot-printing exercise will help organizations to
identify the opportunities for carbon emission reduction. The next step is to develop a carbon reduction
plan, action it, and measure and monitor ongoing progress.
Once an organizational carbon footprint has been calculated, it can be published and independently
certified. Communicating this footprint to employees will help engage them in the carbon reduction and
energy management process and independent certification gives employees something to aim for as an
eco-aware workforce. Communicating an organizational footprint outside the company – for example as
part of a corporate social responsibility report – will demonstrate to customers and stakeholders that the
business takes tackling climate change seriously.
A product carbon footprint also considers greenhouse gas emissions of an organization’s suppliers,
customers and distributors related to a product’s manufacture and use. It also covers emissions created
by disposing of any waste and the impact of recycling. A product carbon footprint can help to differentiate
a product or service and enhance brand image as well as providing a better management of an
organization’s supply chains. Once calculated, a product carbon footprint can be communicated in a
number of ways including on product labeling.
7.2 Physical Risks
Global warming poses threat of sea level rise, hurricanes/ other natural calamities for especially those
situated in the coastal regions. Coastal E&P facilities, Refineries can face huge damage due to cyclones
and hurricanes. Rising sea levels pose threats of high tides and low tides and flooding of coastal refineries
which depend on shipping. Water shortages due to depletion of snow or glacier fed rivers changing course
or getting dried out. Extreme temperatures may bring in inefficiency in refining. The following are among
the possible physical effects that could result from climate change:
Sea level rise: Melting of the polar icecaps and a resulting rise in the sea level could be one of the
most serious consequences of climate change. The potential for damage is enormous, especially
as coastal areas become more developed. Companies could be affected not only through direct
loss of facilities and real estate, but also through potential impacts on their workers, many of
whom could be forced to move if seawaters rise significantly. Not only might some areas be
submerged, but areas not previously at risk to storm surge could become so.
Hurricanes, typhoons and cyclones: Hurricane Katrina focused world attention on the damage a
massive hurricane causes when it strikes a populated area. As with a rising sea level, coastal areas
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could expect to bear the brunt of the damage from increased storm activity; although tropical-
storm damage from floods and wind can extend hundreds of miles inland. Asian countries
dependent on monsoon season could be damaged by any change in the timing and intensity of
storms.
Drought: Some areas of the world may become more prone to drought; already-dry areas may
find the delicate balance they now live under tilted to one of desertification. Among the potential
losses are destroyed crops, loss or reduction of water resources, damage to ecosystems, and
forced migration of people.
Wildfires: Along with increased drought conditions comes the possibility of an increase in
wildfires, both in forests and grasslands. Wildfires tourism centers; timber, grazing, and
agricultural land; wildlife habitat; private homes; and more.
Heat waves: The European heat wave of 2003—widely cited as being related to climate change—
caused the deaths of an estimated 22,000 people. Demand for air conditioning during periods of
extreme heat could lead to massive power outages.
7.3 Business Risks
Extreme weather conditions results in increased energy cost & higher contingency requirement results in
erosion of profit margins. Business risk due to climate change includes:
Climate Change Policy Risk: With climate change mitigation driven by lawmakers, the risk of
politically motivated changes to public policy towards climate change is high. Businesses that are
in a carbon-intensive industry or reliant on climate change-motivated subsidies or other favorable
regulation are particularly vulnerable. Conversely, most investors avoid projects with high policy
risk due to its unpredictability.
Market Risk: Naturally, businesses face the risk of changes in the prices of oil, gas, electricity and,
where required, carbon. To mitigate these risks, companies can either reduce their exposure or
hedge the risk. At 2009 levels of carbon price, the cost of carbon is almost negligible. However:
At $60 per ton carbon price, 10% of total cash flow of listed companies will be transferred from
companies with below average carbon efficiency to those with above average efficiency.
Reputational Risk: Since climate change issues are high in the public mind, not to engage in the
debate could cause a public backlash.
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Credit Risk: Due to increased business risk exposure to carbon price, credit rating of such entities
may be at risk. For instance, Drax Power, which operates a coal fired power plant in the UK, has
been downgraded in 2009 to below investment grade, thus increasing the cost of borrowing and
making it unsuitable for institutional funds to invest.
Other Classification for Business Risk Include risk related to:
Natural Capital: This risk threatens the natural resources or capital that many businesses rely on
for raw materials (forests, fisheries, agriculture) or indirectly (real estate, tourism, retail,
restaurant). For example, even if your business does not depend directly on natural capital you
still need to ask about your suppliers and customers.
Government Policies: There is a risk that policies will influence the market to favor less
greenhouse gas-intensive businesses, products and services.
Customer and Public Pressure: Whether you sell business-to-business or directly to consumers,
your customers will increasingly prefer climate-friendly products.
7.4 Competitiveness Risk
Has Effect on Gross Refining Margin. As energy costs increase, Oil industries using conventional and
carbon intensive energy sources will see a reduction in the GRM.
7.5 Regulatory risks
‘Carbon ’tax’ implementation on states by Central government can affect profitability of the Oil & Gas
sector
7.6 Financial risks
Just as continuing with business as usual poses financial risks for society, and insurers in particular, so a switch
to renewable could result in the loss of value in investments in the fossil fuel economy. This has been used as
an argument by the affected lobbies to deter action on limiting emissions. The cost of mitigation depends
crucially on the target level of greenhouse gases that is selected as "safe" and the timing of action. For a level
of CO2 around of 550 ppmv (parts per million by volume), which is roughly twice the pre-industrial level, the
pure economic costs are at a global level are minimal, and are in fact offset by side-benefits e.g. cleaner air
quality, provided that an early start is made on addressing the problem to avoid locking-in further investment
in "dead-end" technologies.
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This point becomes more acute at the level of industry sector or individual company, since they are
vulnerable to substitution by the new technologies. For example " Changing Drivers", a recent study by
World Resources Institute & Sustainable Asset Management of the automobile industry, suggested a
range of potential impacts, from +10% for Toyota, to -15% of company value for Ford if emission
constraints become significant. Perceptive investors have realized this, and are now beginning to
challenge company management to address these issues through a number of initiatives - Institutional
Investors on Global Climate Change, Investors Network on Climate Risk, and The Carbon Disclosure
Project. What is clear is that European companies are already aware of the issue and have started to plan
for a carbon-constrained world, but other regions, particularly USA are lagging behind. This is
symptomatic of a second key point that the commercial world needs clear.
7.7 Threat from Renewable energy
Renewable energy facilities generally require less maintenance than traditional generators. Their fuel
being derived from natural and available resources reduces the costs of operation. Even more
importantly, renewable energy produces little or no waste products such as carbon dioxide or other
chemical pollutants, so has minimal impact on the environment. Renewable energy projects can also bring
economic benefits to many regional areas, as most projects are located away from large urban centers
and suburbs of the capital cities. These economic benefits may be from the increased use of local services
as well as tourism.
8.0 CHANGE DRIVER FOR OIL AND GAS COMPANY
Inevitable climate change will have impacts for all companies, but oil and gas companies can be
particularly vulnerable. The key drivers for adaption will be found in regulatory and legal liabilities,
changes in cost and revenue profiles, market transformations, stakeholder interest. Some examples of
how these drivers are beginning to affect oil and gas companies and how they are anticipated to change
over the next few years are outlined below:
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CHANGE DRIVERS
StakeHolder
s
Oil and
Regulations Gas Market
Company
Cost and
Revenue
8.1 Regulatory and legal drivers:
As the impacts of climate change become more direct, we are likely to see governments resort to
prescriptive regulation and statutory controls to ensure that oil and gas companies providing essential
infrastructure take appropriate action on adaptation. In the United Kingdom the Climate Change Act 2008
gives the government the power to require oil and gas companies to assess and disclose the impacts
climate change might have on their business. The wealth of information on the impacts of climate change
from the scientific community, academia, research institutions, government, trade associations, and
NGOs is so great that it would be difficult for a senior executive or professional advisor to claim ignorance
when challenged. As the financial impacts of climate change are further recognized, we are likely to see
litigation used to recover costs incurred as a consequence of failures to account for changing climatic
conditions.
There is increasing pressure for companies to disclose how much the decommissioning of oil and gas
infrastructure will cost the company. The UK government recently updated the Petroleum Act, tightening
the laws on decommissioning, making it compulsory for companies to take the impacts of climate change
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into account in their activities. This is bolstered by 70 countries that have mandated the use of the IFRS
(International Finance Reporting Standards), which includes obligations on decommissioning. More
stringent design standards from regulatory bodies are likely to continue to arise.
8.2 Cost/revenue drivers
Operational costs at refineries are likely to increase in response to changes in asset efficiency and
resilience with higher ambient air temperatures. Disruptions to transport links due to permafrost thaw is
already having significant impacts with companies having to hold and maintain larger onsite spare parts
and materials stores. Increasing water resource issues has become a major incentive for companies to
introduce water management measures. Operational costs could increase in response to changes in
design standards for offshore platforms. Hurricanes Ivan, Katrina and Rita all produced conditions that
exceeded the offshore platform design wave height requirements. Climate change will put more pressure
on insurance for oil and gas companies.
8.3 Stakeholder
Investors and other stakeholders, including market and financial analysts, governments and regulatory
agencies, research institutions, consumers, local communities and NGOs – are already starting to place
greater pressure on oil and gas companies to address climate risks and opportunities. Corporate
operations are increasingly scrutinized in the context of climate change, for example:
• There are signs that there could be increasing numbers of lawsuits filed against oil and gas
companies due to their activities
• Banks are looking at the lending risks associated with project finance.
8.4 Market Drivers
Energy underpins our social and economic systems. Access to reliable and increased supplies of low-
carbon energy are essential to meet the adaptation needs arising from, for example, increasing
urbanisation, agriculture (to improve yields and manage drought), transportation, the built environment
(to cool buildings), potable water supplies, drainage and waste water treatment. Peak demands will
increase in summer months in response to increasing temperatures and the need for energy for cooling.
Changes in energy demands for space heating, transportation and other climate sensitive processes such
as pumping water for agricultural irrigation and other industrial and domestic uses are already taking
place. Oil and gas consumption has fallen in the USA, Europe and Australia with warmer winters reducing
the need for energy for heating.
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9.0 SUMMARY: BUSINESS PERSPECTIVE
► Climate change and global warming: major threat to the Oil & Gas industries.
► The Oil & Gas sector will be a significant part of an evolving solution to the CO2 challenge and
certainly drive the ushering of a cleaner hydro carbon age in future.
► Companies have already started pursuing strategies to position themselves in the cleaner, more
sustainable and low carbon growth trajectory by conscious reorganization of their product
portfolio and restructuring of their multi-location operations.
► Big Oil Companies like British Petroleum is planning to invest USD 8 billion in low carbon power
and alternative energy business over the next decade and aims at USD 1 billion of operating profit
by 2015 from this business only.
► Adoption of the right strategy for mitigating long term climate change risks can provide distinct
competitive advantage.
► Companies seeking to develop their strategies should first analyze their ‘value-at-stake’ or ‘value-
at-risk’ under a variety of scenarios from current and emerging policies to reduce carbon
emissions.
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10.0 REFERENCES
1. http://www.ipcc.ch/pdf/assessment-report/ar4/wg3/ar4-wg3-ts.pdf
2. http://www.iea.org/textbase/nppdf/free/2011/key_world_energy_stats.pdf
3. Ernest & Young, Climate change issues in Oil & Gas Sector; PPT.
4. Strengthening Legal and Policy Frameworks for Addressing Climate Change in Asia: India. Professor Dr.
Bharat H. Desai. Center for International Legal Studies, SIS Jawaharlal Nehru University; New Delhi.
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