That is according to software company LYTT, which provides energy firms with visibility over their assets’ performance and the progression of their net zero strategies.
LYTT reveals that major oil and gas companies are already beginning to diversify their assets, with a record number of clean energy deals currently ongoing. It states that these firms’ investments in clean energy cannot be one-dimensional and they need to consider more innovative technologies to succeed in their net zero aims.
The software company has warned that although investment in renewables has been popular with oil and gas firms, they must increasingly leverage software and analytics innovations that have been tested in their old fields.
It claims that the implementation of data and software into their portfolios will help the firms accelerate their net zero strategies, as they will be able to take control of their operational margins with more precision and detail.
Co-Founder of LYTT, Tommy Langnes, said: “Drawing on advances in AI, machine learning and cloud-based computing, LYTT’s software applications analyse high-fidelity sensor data to provide engineers with a thorough understanding of exactly what is happening across each asset in real time.
“These insights enable the effective deployment of teams and budgets to address issues and take advantage of opportunities to minimise waste, cut risk, increase production and boost reliability.
“Yet these insights also support portfolio-wide, long-term decision making. Whether O&G or renewables, energy can no longer be about short-term volume alone and, in reflection of this, energy firms are in the process of refining their net zero plans.
“Many are divesting from carbon-heavy and non-profitable assets as we speak and taking a strategic, data-based approach to each newly diversified portfolio will be critical to their long-term success. Net zero is much more than a clean asset acquisition strategy, it is a complete, transformative business plan.”