Russell Hardy

Russell Hardy is CEO of Vitol, a global energy company with revenues of over $505 billion and an asset portfolio spanning power, oil, gas production, energy retail and renewables. Russell has over 30 years’ experience within the energy industry. He joined Vitol in 1993 from BP and has held a number of trading and management roles in Singapore and London. Since joining Vitol, Russell has been responsible for the introduction of derivatives trading and the development of the risk management function, as well as major business lines such as European gas, power, LNG and carbon. He has also led the company’s investment in major refining and power assets in Europe and the Middle East. He has been a member of the Executive Committee since 2007 and holds a MEng in Chemical Engineering from Imperial College, London.

Session Overview

Tuesday, 5 November

All Sessions

13:00

Strategic Conference ICC Hall 13:00 - 14:00

Decarbonising operations across upstream, midstream and downstream

Oil and gas operations account for 15% of total energy-related Scope 1 and 2 emissions globally. To meet the IEA’s Net Zero Emissions by 2050 scenario, Scope 1 and 2 emissions must be reduced by 50% by 2030. Producers have the means to achieve this target, including reducing methane emissions, the elimination of non-emergency flaring, the clean electrification of upstream facilities and equipping oil and gas processes with CCUS technologies. However, an estimated US $600 billion in investment will be needed to deliver the 50% reduction in the timeframe required. In addition, collaboration between sectors will be critical when optimising supply chain operations, allowing for greater efficiencies and increased profitability.

Attendee insights:

Understand what is needed to decarbonise upstream, midstream and downstream operations, addressing the necessary requirements related to Scope 1 and 2 emissions and identifying the effective levers for decarbonisation.