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We have chosen to start with the offshore oil & gas sector where complexity is high and the opportunity set is massive. This sector is a significant contributor to global greenhouse gas emissions. As a reference, a single semi-submersible rig can emit as much as 70 000 metric tons of CO2e annually. This is equivalent to the emissions of 58 000 fossil driven cars in the EU per year.
The oil and gas sector alone accounts for 9% of all human-made greenhouse gas emissions. Our emissions module has the potential to reduce daily CO2 emissions by as much as 50% for a semi submersible rig.
Committed policy makers
The oil and gas industry in Norway will reduce its absolute greenhouse gas emissions by 40 percent in 2030 compared with 2005, and will further reduce emissions to near zero by 2050. A new requirement for all Plan for Development and Operations (PDOs) submitted in connection with the 2020-announced tax incentive scheme now requires an express energy management plan.
The Norwegian government has announced a plan to ramp the cost of emitting CO2 to NOK 2000/ton by 2030 through a mix of taxes and emissions credits.
The US Securities and Exchange Commission ("SEC") proposed rules that would require all public companies to disclose Scope 1,2 and 3 emissions phasing in from FY23 to FY25
Committed E&P majors
Blanket commitments to adhere to EPA Scope 1,2 and 3 by varying degrees to reach NetZero pledges by 2050
Complexity
Offshore oil and gas operations involve a wide range of activities, such as drilling, production, transportation, and storage, each of which can have different emissions sources and require different monitoring methods. This complexity can make it challenging to accurately measure and report emissions across the entire operation. The sector often involve multiple stakeholders, such as the operator, the regulator, and the host country, each of which may have different requirements and expectations for emissions data. Monitoring and measuring emissions in the offshore oil and gas sector can require specialized equipment and expertise, which can be costly and complex to implement. Having solved this sector's hugely complex challenges has provided us with the experience and know how to apply this knowledge across several related and complex domains.
Opportunity
The Norwegian Continental Shelf (NCS) represents a clear opportunity set to establish Stepwise as a standard.
– Extensive domain expertise
– Tax incentives
– Lack of competition
– Strong eco-system of industrial partners
– The NCS is at the forefront of technology development for E&P, globally.
NCS facts
– 94 fields in production
– 44 oil rigs on the NCS
– 231 million Sm3 of oil in 2021
– Emitting 12.5 million tonnes CO2e in 2020
– O&G sector is responsible for 25% of total CO2 emissions in Norway
Our modularity and scalability
Presents an opportunity to expand our market share across several adjacent industries
We're not stopping with oil and gas. We have several modules currently in development across several sectors, applying our knowledge base and expertise across the following:
