Dr. KB: Let’s start with the mindset question. I believe a mindset shift has already happened within the industry. However, a shift is needed when it comes to the perception of the industry. At COP26 there were discussions around whether the oil and gas industry should even participate and be included in the pursuit of a solution, because it’s such a “bad” industry. That view needs to change, because to deliver on change we need the oil and gas industry. We will not be able to deliver on the enormous growth in demand for energy that we see year over year without the oil and gas industry, for many years to come.
So, either we all totally change our lifestyles and living conditions, or we find new ways to live with fossil fuels but decarbonize the industry. The mindset shift requires everyone to recognize that we need to work with the industry.
A lot of new technology and innovation is required for overall change; that's part of the reason I joined Schlumberger. The concept of carbon capture and storage (CCS) will be crucial to meet global climate goals, because the easiest way to get to a balanced planet is to bring as much carbon back under the ground as we bring up. That's what the net-zero carbon commitments are about. A lot of innovation has already happened. But if you look at the costs of making energy affordable, there's still a long way to go. We need more collaboration between different industry partners that haven't worked together before to create new playing fields that we can explore together.