Very helpful presentation last week by Dr Kristina Sevastianova at the FPSO EMEA Congress in London.
It was great speaking at the #FPSO EMEA congress 2023 last week. We were talking about the FPSO market, push towards zero-carbon, #energysecurity and #sustainability practices among other topics affecting EMEA’s FPSO industry.
Typical large FPSOs have multiple #environmental #emissions, and #technology exists to significantly reduce or eliminate these emissions, however, just few projects have gone beyond the minimum level needed to comply with local regulations. Pressure is now mounting to do these.
Firstly, there is Environmental, Social, and Governance (#ESG) pressure from stakeholders to reduce the environmental impact – both from internal stakeholders (staff) and external stakeholders (host governments, shareholders, media, and the public).
Secondly, financial institutions are becoming more selective in the projects they finance (due to their own ESG pressure) and are likely to favour those which can show low #carbonfootprint.
Thirdly, the application of #carbontax, either imposed externally by local authorities or internally as a project sanction test, will also drive projects towards lower emissions.
I discussed the options available to decarbonise a modern, large capacity FPSOs: battery #energystoragesystems #BESS, #hydrogen , #ammonia , and #carboncapture and storage #CCS. All of them remain emerging technologies, and the risks of deploying technology that is not yet mature should be balanced with the rewards of lower emissions, to manage project risks.
Below is my presentation as promised.
