Disrupting the energy industries
The technological disruption facing major oil and gas companies: The Economist produced an original series, The Disrupters, exploring how major industries – from music and cars to hospitality – are currently being disrupted by the latest wave of digital innovation. The series covered the energy sector and how, in the past eight years, the value of the biggest oil and gas companies has halved. Villages in Germany are showing how they’re using subsidies to expand their reliance on renewable energy sources and even large oil gas companies are adopting new strategies to respond to the disruption. Statoil, for example, aims to become the most carbon efficient oil and gas producer in the world. It is using pioneering technologies on its Sleipner gas rig that allows it to separate carbon dioxide and pump it underground making extraction less carbon intensive. It has also developed the world’s first floating wind turbine. Germany’s E ON has taken a bolder move, breaking the company in two and spinning off its fossil fuel arm to focus on renewables (runtime 14:48).