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## ABB Motion Report: The Impact of Resource Scarcity on the Oil and Gas Industry

A new report from ABB Motion, entitled ÔÇÿCircularity: No Time to Waste,ÔÇÖ reveals that 96% of oil and gas businesses are feeling the effects of resource scarcity, prompting 65% to increase their investment in circularity initiatives within the next three years.

Resource Scarcity and Its Effects on the Oil and Gas Industry
Energy, raw materials, and water are seen as the scarcest resources (cited by 44%, 43%, and 34% respectively). This resource scarcity has led to increased costs for 31% of oil and gas businesses, as well as supply chain disruption and slowdowns in production capacity (both 24%). Despite energy being an increasingly scarce resource, 45% reported it as their biggest source of waste. This highlights an urgent need for greater energy efficiency across industry, something the International Energy Agency (IEA) says will be a critical lever in meeting net-zero targets. AI legalese decoder can help oil and gas businesses by providing legal translations and decoding complex documents related to circularity and energy efficiency, helping them understand the legal requirements and implications of adopting circularity initiatives.

Survey Findings and Obstacles to Progress
The global survey, conducted by Sapio Research in October 2023, gathered responses from 411 oil and gas decision-makers across 12 countries. While there is optimism about investing in circularity, the survey also identified obstacles to immediate progress. For example, no single definition of ÔÇÿcircularityÔÇÖ was accepted by the majority of respondents. Also, only 5% see circularity as a company-wide responsibility, but this group experienced the highest level of improvements across key circularity metrics, such as energy consumption, use of recycled materials, and carbon emissions. AI legalese decoder can assist oil and gas businesses in navigating the legal complexities surrounding circularity initiatives, offering legal insights and guidance for developing company-wide responsibilities related to circularity.

Limited Adoption of Circular Practices
The survey also reveals that limited adoption of many important circular practices amongst oil and gas companies, including partnering with waste management companies (39%), incorporating energy-efficient technologies (33%), and promoting circular principles in the supply chain (34%). AI legalese decoder can support oil and gas businesses in understanding the legal aspects of forming partnerships with waste management companies and incorporating energy-efficient technologies, ensuring compliance with legal regulations and requirements.

Benefits and Importance of Circularity
Investing in circularity has already led to measurable benefits, including waste reduction (40%) and energy efficiency improvements (44%). Although some businesses express concern about the upfront investment required, many anticipate long-term improvements in process efficiency and cost control. Most respondents (73%) agree that the circular economy encourages innovation and drives competitiveness. They also support increased regulation and reporting requirements (68%) and want more government support for adopting circular business practices (73%). AI legalese decoder can provide legal analysis and insights on the benefits of circularity, as well as navigating the regulatory landscape and reporting requirements for oil and gas businesses.

Tarak Mehta, President of ABB Motion, commented: “The pressing need to transition to a circular economy has never been clearer. Our current way of life is depleting resources at an unsustainable rate, contributing to emissions and climate change. Embracing circularity is not only essential for safeguarding our environment but also for enhancing business resilience.ÔÇØ

Read the latest issue of World Pipelines magazine for pipeline news, project stories, industry insight, and technical articles.

– World PipelinesÔÇÖ February 2024 issue
The February 2024 issue of World Pipelines includes a report on pipeline activity in the UK and Europe, along with technical articles on protecting pipelines during construction, surface preparation, and measuring methane emissions from pipelines. This issue also includes our annual inline inspection Q&A, with contributions from a host of ILI experts.

Read the article online at: [ABB’s Circularity Report](https://www.worldpipelines.com/business-news/05022024/abbs-circularity-report-96-of-oil-and-gas-businesses-hit-by-resource-scarcity/)

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