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The adverse environmental effects of offshore drilling outweigh its economic benefits. It is also argued that companies carrying out offshore drilling are not fulfilling their corporate social responsibilities.
The extent of offshore drilling for oil in the US and other countries has grown significantly over the years due to its economic benefits without adequate planning and management of its effects on the environment.
Following the trend in the global demand for energy resources, offshore drilling for oil and gas has achieved phenomenal growth over the years. The demand for oil by global economies is expected to require an additional 45 million barrels per day by 2035, and 30% of this production would be through offshore drilling (McKinsey). The increase in demand for oil led large companies to engage in offshore drilling that has low operating and transportation costs but has high risks related to their operation, service, and management.
Although offshore drilling facilitates the extraction of oil from deep-sea waters to meet the global demand, it has a devastating impact on coastal and marine environments. A report indicates that oil spills have a disastrous impact on the environment as every year 3.5 to 6 million tons are accidentally or deliberately or naturally discharged in the seawater that kills marine life ( Oil Spill ). Since the 1970s, there have been significantly high volumes of oil spillage in sea waters each year caused by accidents at offshore rigs and oil transporting ships.
Therefore, global industry players must take measures that could reduce the impact of offshore drilling on the environment. It is estimated that human activities, including oil extraction at offshore sites, release 195 million gallons of gas into oceans that generate different types of pollution and are responsible for destroying aquatic and coastal ecosystems (Zachos). Offshore drilling is responsible for marine pollution and other ocean threats that affect the global environment and also cause imbalances in various ecosystems containing humans and other species. It is also rapidly changing the living habitat and causing the death of millions of marine animals and other species every year.
It is stated that accidents causing oil spills are mainly due to the negligence and profit-making motives of major extracting and oil cargo companies. Although the average number of oil spills has flattened in the last ten years, negligence by companies and their teams working on offshore sites is the primary reason for environmentally catastrophic accidents.
BPs Deepwater Horizon Oil Spill in 2010 is regarded as the largest accidental oil spill in the history of offshore drilling that resulted in the death of 11 workers, and 134 million gallons of crude oil were released in the ocean. The companys management and supervisors working at the offshore station were blamed for this accident. The occurrence of major oil spill incidents reflects the negligence of the biggest companies in the oil and gas industry. They are motivated by high profits and less focused on reducing the impact of their activities on the environment.
Moreover, it is argued that oil-producing companies are not investing in alternative energy sources that could reduce offshore drilling activities. Royal Dutch Shell, which is the second-largest oil-producing and marketing company in the world, fails to meet its own proposed target of investing $6 billion in renewable energy projects (Ambrose and Jolly). On the other hand, US companies, including Exxon Mobil and Chevron, have not given their plans for investing in renewable energies (Pickl 3). The lack of strategic and financial commitment by US and European large corporations shows that they are not moving fast enough to address the issues of the climate crisis.
Therefore, it is argued that there is a greater responsibility of companies operating in the oil industry to adopt new technologies and improve their existing offshore infrastructure and systems. New technologies such as hybrid power systems could help to improve the efficiency of offshore rigs and reduce emissions (Kliger). Oil extracting companies must review their existing systems to improve their efficiencies and mitigate risks of accidents and dysfunction.
The adverse environmental effects of offshore drilling outweigh its economic benefits. It is also argued that companies carrying out offshore drilling are not fulfilling their corporate social responsibilities.
Offshore drilling is responsible for accelerating the climate crisis as hazardous gases and oil are released into the environment that has severe implications for humans and other species. The marine ecosystem is adversely affected by offshore drilling and ignoring corporate social responsibilities by the biggest oil-producing companies. It is concluded that agencies and governments must force these companies not only to improve their existing offshore infrastructure and systems but also invest in renewables to reduce the burden of oil extraction on the global environment.
Works Cited
Ambrose, Jillian and Jasper Jolly. Royal Dutch Shell May Fail to Reach Green Energy Targets. The Guardian, 2020, Web.
Kliger, Isabelle. Why Hybrid Power Systems Make Sense For The Offshore Drilling Industry. Wärtsilä Technical Journal, 2020, Web.
McKinsey. Offshore Drilling Outlook to 2035. McKinsey, 2019, Web.
Oil Spill. Britannica, 2020, Web.
Pickl, Matthias J. The Renewable Energy Strategies of Oil Majors From Oil to Energy? Energy Strategy Reviews, vol. 26, 2019, pp. 1-8.
Zachos, Elaina. Trumps Offshore Drilling Plan What You Need to Know. National Geographic, 2018, Web.
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