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Energy transition in uncharted waters: Panel
Oil India intends to remain focused on oil and natural gas, with the revenue from those sectors supporting the pursuit of other energy sources, Oil India chairman and managing director Ranjit Rath said on a panel today at the conference in Calgary, Alberta.
“We would always look for more and more energy,” Rath said. “Biofuel will actually be a major, major game changer as far as the transition is concerned.”
Brazil, which is a net exporter of oil but a net importer of fuel, has focused on the development of its biofuel industry, Brazilian oil and gas regulator ANP director general Rodolfo Saboia said.
“If you ride a car on ethanol in Brazil, you would have a smaller footprint than riding an electric car which is moved by the energy matrix in Europe,” Saboia said. “This shows how important a role biofuels have to play during the energy transition.”
Natural gas will be the fossil fuel of choice in the transition, according to Saboia, as Brazil strives to develop that market. Rath agreed with that assessment.
“At the end of the day, you would like to have more natural gas as part of your primary energy basket,” Rath said, even as his company pursues partnerships to develop biofuels, green hydrogen and critical minerals. “So, there will be a strong focus on exploration and production.”
Saboia’s organization regulates everything from the well to the retail fuel station and is keeping an eye on what policy-makers might do with the challenges they face.
How the transition is managed could be quickly disrupted by technological advances, such as biofuels and synthetic fuels for internal combustion engines, Saboia said.
“We are sailing in uncharted waters right now, so to articulate policies that might lead to a reasonable and effective way of addressing the energy transition is not a clear scenario,” said Saboia. “It’s always hazy.”
With so many unanswered questions, the role of government and interactions between countries striving to find solutions will be critical, he said
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