Book chapter
The natural capital of offshore oil, gas, and methane hydrates in the World Ocean
Natural Capital and Exploitation of the Deep Ocean, pp.111-125
Oxford University Press
2020
Abstract
Over half of the global energy consumption is based on fossil fuels that are now mainly extracted from ocean depths below 150 m. These hydrocarbon reserves are thus a significant natural capital from deep oceans that support human well-being. Technological advances have guided the offshore deep-sea explorations to virtually all major ocean basins with thousands of wells being drilled on the deep seafloor to reach reserves that now support a significant part of the global markets. However, the environmental footprint of the oil and gas industry is significant and arises from regional impacts of regular operations on deep-sea ecosystems, from major disasters, or day-to-day accidents that spill millions of gallons of oil into the oceans each year, and from a significant contribution to greenhouse gas emissions and its climate effects globally. This is despite the general compliance with a wide array of environmental and political regulatory frameworks globally. The contrast from energy and market demand for fossil fuels against a background of environmental costs and impacts into the deep sea as exploration advances has not previously been examined. Here we apply the natural capital concepts of stock value of hydrocarbon reserves and contrast their financial and human value to the social and economic costs of their exploration and social costs from impacts on ecosystem services. We suggest that the economic value of hydrocarbon resources is very limited when compared to its vast environmental costs, supporting the global transition to a green energy strategy.
Details
- Title
- The natural capital of offshore oil, gas, and methane hydrates in the World Ocean
- Authors
- Angelo F Bernardino (Author) - Universidade Federal do Espírito SantoErik E Cordes (Author) - Temple UniversityThomas Schlacher (Author) - University of the Sunshine Coast, Queensland, School of Science and Engineering - Legacy
- Contributors
- Maria Baker (Editor) - University of SouthamptonEva Ramirez-Llodra (Editor) - Norwegian Institute for Water ResearchPaul Tyler (Editor) - University of Southampton
- Publication details
- Natural Capital and Exploitation of the Deep Ocean, pp.111-125
- Publisher
- Oxford University Press
- DOI
- 10.1093/oso/9780198841654.003.0006; 10.1093/oso/9780198841654.001.0001
- ISBN
- 9780192578778
- Organisation Unit
- School of Science, Technology and Engineering; University of the Sunshine Coast, Queensland; School of Science and Engineering - Legacy
- Language
- English
- Record Identifier
- 99482290902621
- Output Type
- Book chapter
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