ECONOMIC AND ENVIRONMENTAL EFFECTS OF ENERGY STORAGE INNOVATION AND MANAGEMENT OF CLEAN ENERGY IN OIL AND GAS INDUSTRY

Abstract

At the view of transformative shift from obsolete generation of electricity are the innovations in energy storage technologies in key areas of economic and environmental activities, which are crucial in enhancing, integrating and management of clean energy resources. The paper investigated economic and environmental effects of energy storage innovations and management of clean energy in oil and gas industry. The objectives include to ascertain the effect of energy storage on the economy and environment in oil and gas industry, and to investigate the importance of managing clean energy in oil and gas operations. The diffusion innovation theory is adopted in this study. The descriptive research design was adopted and data were obtained from secondary sources on Canada, United States and Africa as a continent. The findings indicate that clean energy technologies are important for the improvement of oil and gas operations across the globe, national electricity grid, economic growth and preservation of environment in Canada, United States and Africa. Based on the findings, the study recommends that Governments and its regulatory agencies in oil and gas industry should formulate policies that promotes the integration and expansion of clean energy technologies in oil and gas operations across nations to boost economic activities and reduce the emissions of carbon and preserve the environment, and that management in oil and gas operations should design strategies that can be effectively and efficiently utilized in managing clean energy resources in oil and gas companies for production and storage activities, and to preserve the environment.