Hydrogen surge up the priority list - DNV GL

25 May 2020

Decarbonization efforts

A new report reveals that hydrogen has surged up the priority list of many oil and gas organizations, taking a primary position in the sector’s decarbonization efforts.

A fifth (21%) of senior oil and gas industry professionals say their organization is already actively entering the hydrogen market, according to a new report published by DNV GL. The proportion intending to invest in the hydrogen economy doubled from 20% to 42% in the year leading up to the Coronavirus-induced oil price crash.

Heading for Hydrogen draws on a survey of more than 1,000 senior oil and gas professionals and in-depth interviews with industry executives. The report suggests that recent shifts in the industry’s investment priorities are unlikely to affect the sector’s long-term efforts to reduce carbon emissions.

DNV GL found a significant rise in those reporting that their organization is actively adapting to a less carbon-intensive energy mix – up from 44% for 2018 to 60% for 2020. Carbon-free hydrogen production, transmission, and distribution is now widely recognized as a central component to the oil and gas industry’s decarbonization efforts.