Self-regulation required

Companies in the oil sector must identify the opportunities, the government can only facilitate their search for a low carbon future.
This view is expressed by the team from the Ministry of Petroleum and Energy chosen to compete in the final of the Young Professional Company Award (YPCA) at ONS 2008.
Its four members have opted to address the issue of climate and environmental challenges during the afternoon session of the ONS conference on Wednesday 27 August.
They feel that this subject has become important for the oil industry. And the attention being paid to it by politicians and the general public makes it interesting to apply a different perspective.

The team will share its reflections on the reality now facing the traditional oil companies, such as the increased difficulty of accessing resources while energy demand is rising.
Paradoxically, opposition to petroleum production is also growing and environmental requirements are becoming increasingly stringent.
The question to be put by the team is whether climate challenges are being taken seriously, or whether concern is only being expressed in PR plans.
It suggests that the companies are sticking their heads in the oil sand or losing their way in Arctic storms.
In the team’s view, today’s energy trend is unsustainable, and the future will require changes in the direction of increased availability of renewable energy and consumption.
Strategic action
The industry itself must play a key role and find the profitable solutions. No success is possible unless the companies do this themselves.
According to the ministry quartet, strategic action is needed to create a new business climate. They challenge the companies to learn from history and from the technological paradigm shifts which have underpinned human progress.
Where politicians are concerned, the team believes that they must pursue ambitious goals for reducing carbon emissions. But these targets must also be credible.
In addition, the government is urged to focus on stimulating demand for cleaner energy rather than subsidising individual projects.

Personal slogans
Each member – they are all economists – of the group also has their personal slogan, with Kristin Myskja observing that ”you’ve got to do your own growing, no matter how tall your grandfather was”.
Kjetil Andreas Osen and Jon Audun Kvalbein have adopted “keep climbing” and “your focus determines your reality” respectively,
Linn Eriksen´s motto has been adopted from an observation by Mahatma Gandhi – “the future depends on what we do in the present.”

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