Company Strategy
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Company Strategy
Oil Horizons aims to bring solutions to the concerns of a changing world and climate change. Learn how the company plans to become carbon neutral by 2050 and transform into an integrated supplier of sustainable fuels, chemicals, and materials with a strong emphasis on circular economy solutions. As a result, by the middle of this century, we must have reduced greenhouse gas emissions to zero. This problem is centered on the energy sector. As oil and gas play a smaller part in the global economy, securing a reliable and affordable energy supply will remain a top issue.
To create a more environmentally friendly and intelligent transportation system, we must switch to alternative and sustainable feedstocks. The demand for biofuel in Europe is expected to roughly triple by the end of this decade as a result of strict regulations and consumer behavior. Demand for chemicals and materials will keep growing as a result of expanding wealth, population growth, and living standards. High-performance polymers are used in the manufacture of many of the everyday items we use, including computers and cellphones.
With safety measures like airbags, helmets, and medical equipment, they make our cars and planes lighter and more fuel-efficient while also preserving lives. Because of these qualities—strength, adaptability, and, most importantly, low production costs—lightweight solutions are essential for modern healthy living as well as for building a low-carbon economy. But we need to alter the way we discard plastic. Plastics need to be viewed as part of the solution, not as a problem.
Moving from Fossil to Low-Carbon-Business
We plan to gradually cut our oil and gas production by 20% by 2050 and completely stop producing oil and gas for energy use by the same year in order to reach our objective of being a net-zero firm. Up until 2030, we’ll keep spending money on conventional exploration and production, after which we’ll drastically cut back. The share of gas will increase to more than 60%, demonstrating its role as a transition energy that enables the deployment of renewables.
E&P will also invest in carbon capture and storage (CCS) and geothermal energy in order to use their current resources and expertise to help create a more sustainable society.
The strategy takes into consideration changes in the asset portfolio of Oil Horizons, such as the growth of the petrochemical industry and the division of Oil Horizons into a separate national organization, as well as the global trend of the switch to clean energy and carbon reduction.The Company understands the significance of its effects on the economy, ecology, and society and will keep integrating sustainable development principles into crucial business processes to guarantee that social, environmental, and economic priorities are consistent with corporate governance goals. The Company will ensure its growth over the following ten years by increasing the efficiency of its current production, inventing new processing, implementing cutting-edge technologies, and lowering its carbon footprint.