In policies to decrease carbon dioxide emission. Governments have

2000, former oil minister of Saudi Arabia, Sheikh Ahmed Zaki Yamani, gave an
interview, which he said, “The
Stone Age came to an end, not because we had a lack of stones, and the oil age
will come to an end not because we have a lack of oil.” This essay will examine
the different perspectives on his quote regarding to oil. On the one hand, due
to climate change affect and Paris Agreement, new technological developments on
renewables and tendency on to nuclear energy might bring the end of oil age. On
the other hand, in todays conditions both in industry field and transportation
oil is the absolute element and there is no substitute of it and invention of
carbon capture storages have key role on continuing fossil fuel consumption.
What is more, developing countries have been addicted on oil. Therefore, in
these circumstances, some of the people think that the oil age will never end.
From a personal perspective, I agree with Yamani that there is enough oil in
the earth but before it finishes the age of oil will come to an end in next

            First of all, regarding to climate
change effects, 195 countries signed Paris Agreement and the most of them
ratified it. The most oil production countries, such as Saudi Arabia and United
States of America, are the part of this agreement. Briefly, agreement aim is to
limit earth’s rising temperature below 2 °C. All countries, both develop and
developing, countries have duties, commitments and obligations and due to Paris
Agreement.  Claes and Hveem asserts that agreement
will affect policy-making processes by directly in terms of putting pressure on
governments to honor promises of climate warming reduction action and indirectly
in the sense that the general public will be more motivated to consent changes
in energy usage. According to this, governments have made new
energy policies to decrease carbon dioxide emission. Governments have provided
some interventions or subsidies, in which cash
transfers to producers, price controls, trade restrictions and limits on market
access, for renewable energies which solar, wind and hydro.
When the comparison of cost between oil and renewables, oil is much cheaper
than renewables but subsidies encourage investors. In the last decades, charts
show that starts up costs are decreasing thanks to development of technology
and installation capacities are increasing day by day. Nowadays, countries replacing oil and
coal with solar energy panels. There are some advantageous. The first, solar is
free usage at certain periods of the day at source. Secondly, solar panels are
convenient to new technological improvements such as graphene and nano
technology lead to new applications (Helm). Finally, the best way to obey to obligations of Paris
Treaty is expanding solar usage for reducing carbon dioxide emission. In
industrial field subsidies, on renewables are encouraging investors and affect
of it naturally the demand for oil is fallen. Helm claims that “solar generation, new storage, and electric cars
would do considerable damage to the prospects of the oil industry and oil
producers”. Claes and
Hveem emphasises that there are major challenges to
accomplish a total fuel switch. The most readily available alternative at the
end-user stage is to switch from a fossil fuel car to an electric car. Many of
the car manufacturers produce fuel cell electric, hybrid electric and battery
powered electric vehicles for private users and public transportation. At
first, Fuel cell electric vehicles make use of hydrogen, the most abundant
element in the universe and have been used as a fuel for manned spaceflights (Oman, 2002). Therefore,
it is an alternative fuel and considerably, reduces carbon dioxide emissions. Lastly,
hybrid electric and battery powered electric vehicles provides zero emissions
at source and 90% efficient compared to 25% of traditional internal combustion
engines (Sperling, 2003).
According to International Energy Agency, fuel
cell electric, hybrid electric and battery powered electric vehicles rocket up
to nearly 2 million units in 2016. It is obviously seen that, today’s trend is
electrical vehicles and next decades these numbers probably will increase.

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            New technologies are essential and vitally important for
decarbonisation. Beside of
renewables, second option is nuclear energy that is vitally important
for protection from climate change adverse effects. In today’s world, the main
developed countries, such as USA, UK and Japan, operating nuclear centrals.
Start up cost is very high when comparing with other energy sources but it can
generate large amount of electricity without carbon dioxide emission. Nuclear
power plants are working nearly 60 years and efficiency of it is approximately
90%. It is clearly seen that only some of the main developed countries can
built nuclear power plants because of cost but in the future if every nation produce
energy from nuclear power oil demand probably will drop. Helm believes that given the time spans in building nuclear, it is therefore
unlikely to undermine fossil fuels in the first half of this century. On
contrary, Chapman claims
that usage of nuclear energy has not increased as predicted because reluctance
to commit to major projects because of the poor economic conditions against
oil, coal or gas; and there are some concerns about disposal waste and worries
about nuclear weapon development.

            On the other hand, towards Yamani’s quote some of the
people believe that carbon capture and storage technology as a way to prolong
the life of fossil fuels. Carbon capture and storage technology can capture
approximately capture 90% of the carbon dioxide emissions produced from the use
of fossil fuels in electricity generation and industrial field. Haszeldine asserts that carbon
capture and storage is a direct emissions mitigation option, usually considered
as an interim system to enable a 50-year transition away from fossil fuels. Moreover,
carbon capture and storage is not only applied for power plants also for large
industrial sites such as refineries, steel, cement and ethanol. Nevertheless,
it is nearly impossible that purchase of carbon capture and storages in
developing countries. Each carbon capture and storage projects cost nearly
0.5-1$ billion. Thus, without any economic aid of other countries or
institutions developing countries cannot afford it. Rubin et al mentioned that the cost of
carbon capture and storages could pose a barrier to its widespread use as a
greenhouse gas mitigation control strategy. The total cost of carbon capture
and storage includes the cost of carbon dioxide capture and compression; the
cost of carbon dioxide transport and the cost of storage.







Despite the growing
interest in renewable energy sources, oil and gas cannot be abandoned because
the world struggles to meet the demand for affordable energy. Technology is the
most important force to increase the supply of more demanding oil and gas and
to reduce the environmental impact of energy production and consumption.
Globally unaligned government regulations and unequal distribution of natural
sources and technological know-how will result in more diversified operations and
deeper complementary partnerships. Renewable energy investments and subsidies
in developed countries have increased with rising oil and gas prices since the
1990s, but today the rate of increase has decreased dramatically with rapid
cuts in subsidies.  Renewable power
growth in EU slows, as the share of renewables is now at the level where
subsidy burden has become an issue. Nevertheless renewables continue to gain
market share in the EU, because overall power growth is low (0.8%pa). Less
mature markets for renewables with lower current shares, can sustain higher
grow rates. Therefore renewable energies are making the biggest investment only
in developing countries.

When looking at 2030,
companies need to develop, organize, and integrate strategic production and
information technologies to enable key success factors: performance management,
enterprise risk management, operational excellence, human management, and
adaptive business models. New technologies, efficient research and improvements will enable future
technology advances to assist operations, as well as strategic partnerships
within and outside the Oil and Gas industry. Technological progress and the
anticipation of rising energy prices have made unusual oil and gas resources
more attractive and viable. Although most of the interviewed managers expected
this trend to continue, they expressed concerns about CO2 emissions, high-energy
requirements for operations, high-priority capital costs, and land access
related to such resources. Technologies and operational developments can limit
the potential disadvantages of energy generation operations. Much of the
increase in supplies over the last ten years has been due to the recovery. Technology
has a great potential to make more use of this activity. Enhanced Oil Rescue techniques have
proven their value in order to access the messy trap oil and low mobiloil. With
intelligent instrumentation areas and integrated information technology, it is
expected to make more efficient production of advanced oil rescue techniques
and extend the life span of existing fields. Over the coming years, the oil and
gas industry will face stricter environmental, land, sea and air emissions
during the general environmental footprint and operations. Today, there is a
wide range of technological research initiatives around the world, at different
levels of ambition and maturity, to get rid of the environmental constraints of
human energy consumption. Oil and Gas are an important player and challenged to
adapt to changing conditions. However, the industry operates in a strong
competitive market and all voluntary activities beyond the “rules of the
game” and the authorities’ instructions should be based on long-term cost
estimate analysis. The assessment of the environmental effort is likely to be
more in business economics and accounting. The challenge is to turn expensive
environmental protection efforts into competitive advantages.