The energy transition is well underway at the Offshore Technology Conference in Houston, and everyone in the fossil fuel industry should pay attention.
Following the cancellation of last year’s OTC due to the COVID-19 pandemic, the four-day conference of energy suppliers, producers and supporters will be much smaller. Fewer panels, fewer technical discussions and, more than likely, fewer people.
Consider OTC’s shrinkage a bellwether for the entire fossil fuel industry.
The summer of 2021 is proving climactically catastrophic, bringing home to people around the world the reality of climate change. From forest fires in the Pacific Northwest to flooding in Germany to downpours in China and a heatwave in England, the crows of profligate fossil fuel consumption are coming home to roost.
The world can no longer burn as much oil and natural gas as it once did and not expect to make life on Earth miserable. Sure, we can capture carbon, and yes, the energy transition will take time. But we must phase out fossil fuels, which necessarily means fewer offshore rigs and less work for the industry.