The drive towards net zero is seen by some as a threat to oil and gas companies. However, there are opportunities, too. Higher oil prices provide the potential for businesses in the sector to plough more investment into alternative energy solutions. For example, carbon capture, utilisation and storage (CCUS) is going to be a vital component in meeting government targets over the next 30 years.

It’s a mammoth undertaking and one that will demand the collective input and investment of energy companies across the value chain. Now is the time to take a pioneering role and shift the business focus towards sustainability.

The transformation that’s necessary in the oil and gas sector touches every aspect of the value chain. One area that will directly affect every single one of us will be at the forecourt. Already, the shift towards EVs and hybrids is visible, but the shift is still in its early stages.

For oil and gas companies, there is more to do than simply replacing petrol pumps with charging stations. Over the next 20 years, the baby boomers will fade into history. Forecourts will be primarily meeting the needs of millennials, Generation-Z and the emerging Generation-Alpha. They value convenience above price, so the forecourt of the 2030s needs to recognise this.

Non-fuel services such as convenience stores, pharmacies, ecommerce pick ups and so on will be core to the transformation. For example, envisage a forecourt where the driver can refuel, collect groceries and drop off an Amazon return, all without leaving the car.

All these initiatives require long-term vision. But change needs to start happening today. We will be monitoring developments closely and will provide updates over the coming months.