Biodiversity and the oil and gas industry

Throughout the globe, biodiversity has become depleted thereby threatening entire species, populations, habitats and ecosystems with extinction.

The impending consequences have caught the attention of the world to the need for a sustainable solution to halt the irreversible outcomes of extinction. The adverse environmental and social consequences of excavating and consuming oil have been well documented by the media, pressure groups and communities. In an economy that exploits the environment for profits, maintaining biodiversity and ensuring business viability might seem as conflicting interests but more and more research1 shows that the two seemingly antagonistic concepts are in fact reconcilable.

This article focuses on biodiversity as a resource that is under threat of being depleted. The article looks to raise awareness to the fact that status quo is far from ideal and if left unattended, disasters of catastrophic levels may result.

Millennium Ecosystem Assessment studies have revealed shocking statistics of the rate of biodiversity depletion in Europe. Lobbyists and conservation organizations have come to realize how the presence of energy companies can provide influence, awareness, expertise and management capability, and revenues to support conservation activities. And have therefore chosen to approach energy companies and work together to conserve biodiversity and integrate biodiversity issues into oil and gas development.

This article looks at biodiversity in the oil and gas industry outlining the current trends, definition and international action. It then identifies key challenges of the oil and gas industry and finally looks at what other companies including MOL are doing to contribute to the conservation of biodiversity.

Viktória Márton – Deborah M. Namugere