Policies and incentives supporting the energy transition, combined with strong oil & gas cashflows and growing concerns over energy security, have enhanced efforts to modernize the industry and invest in technologies that will accelerate decarbonization.
Perhaps one of the biggest drivers for significant interest in these technologies are policy initiatives like the October 2023 announcement of seven regional clean hydrogen hubs that may be eligible to receive up to $7 billion in federal funding to accelerate the domestic market for hydrogen.
By focusing on decarbonization and the energy transition, oil & gas companies will make the traditional energy industry more efficient and cleaner while maintaining the industry's relevance through increased sustainable energy investments and resulting production.
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