By Jamie Martin
As the world seeks greener energy solutions, major oil and gas companies are expanding their investment in biofuels, particularly sustainable aviation fuel (SAF).
According to a Rystad Energy report, by 2030, the industry expects to operationalize 43 SAF projects, significantly boosting production capacity to 286,000 barrels per day.
SAF, derived from waste products like used cooking oil and organic crops, offers an eco-friendlier alternative to traditional jet fuel.
While it emits carbon dioxide at rates similar to kerosene when burned, its production sources make it less harmful overall, as it avoids the additional greenhouse gases released from oil drilling.
Lars Klesse, an analyst at Rystad, notes, “As the energy transition progresses, these biofuels offer a practical, near-term solution to reduce emissions without requiring significant changes to current infrastructure.” This statement underscores the strategic importance of biofuels in the current energy landscape.
Leaders in this initiative include BP, with a production target of 130,000 barrels per day, and companies like Chevron, which has expanded its biofuel capabilities through acquisitions.
Despite the higher costs associated with SAF, its adoption is supported by government mandates in regions like the European Union and ambitions set by the Biden administration in the US.
These developments highlight a growing commitment within the oil sector to address climate change through innovative energy solutions that align with global sustainability goals.
Photo Credit: photo-credit-vista-mipan
Categories: National