Majority of oil and gas companies are looking to IoT to help with ESG goals

The majority of oil and gas firms say connected Internet of Things (IoT) devices are key to enabling sustainability progress, an Inmarsat study has found.

The report found that more than three-quarters of oil and gas firms plan to up their use of IoT solutions to better understand sustainability initiatives this year, and over 80% believe IoT tools are critical to improving their carbon footprint.

The satellite firm reported that 92% of oil and gas firms believe satellite connectivity is key for the use of IoT solutions for sustainability, and just over half expect to be using satellite networks in the next decade.

Oil and gas companies are the most willing to share ESG data, the findings revealed, placing them ahead of other industries including transport (32%), mining (31%), utilities (25%) and agriculture.

Despite their willingness to share data, oil and gas firms are struggling to report accurate data, and believe technologies such as IoT can help them.

More than half think granular, real-time data would help more accurately measure progress, while 47% believe automation and digitalisation of the data capture process is needed.

Damian Lewis, market development, commercial and digital solutions at Inmarsat said: “Oil and gas companies hold the power to enable a faster energy transition. They can help reduce emissions at pace through their own process improvements, as well as supporting renewables and accelerating electrification.”

“Given the widespread influence of the sector, it is encouraging to see the sector responding to ongoing pressure and be willing to share data to prove their sustainability credentials.”

“IoT solutions can play a central role in helping firms improve legacy business processes, reduce their environmental impact, and back their claims up with real data.”