Unlocking Untapped Reserves and Augmenting Production Through Electrification
The oil and gas industry is always looking for innovative ways to boost production levels and gain access to stranded and untapped reserves. OneSubsea has found that electrification offers a solution to these long-standing issues while also enabling decarbonization and lowering expansion costs.
Ormen Lange development; Source: Shell
Producers are increasingly turning to offshore platform electrification to optimize their oil and gas assets with renewable energy, providing benefits for production and curbing greenhouse gas emissions. This trend offers hope amid growing concerns over energy security and climate change.
According to a report by Global Market Insights, the offshore platform electrification market size is set to grow, driven by regulatory norms towards emissions and favorable renewable energy policies identified as the main objectives of the global energy industry during COP28.
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Posted: 17 days ago
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The electrification of offshore platforms will continue to play a crucial role in the transition to cleaner energy sources, bolstering efforts to decarbonize operations. The demand for subsea power transmission solutions and efficient transfer of electricity over longer distances is expected to drive further demand for offshore platform electrification.
In Europe, the offshore platform electrification market is expected to amass $6 billion in 2032, as investments in renewable energy technologies ramp up. Advancements in subsea power transmission technologies are also expected to strengthen the electrification business outlook.