How in the world will we generate the supplies to meet the doubling in global energy demand anticipated by 2050?
Effective solutions that address rising energy needs are essential to fuel our fast-moving world. Following the traditional pattern, it requires decades to introduce and bring to commercial scale new and alternative forms of energy.
Exploring for new and producing more from existing oil and gas resources equally is not accomplished overnight.
What is more, these resources are increasingly in challenging locations, be it in tough climates or difficult reservoirs.
And environmental concerns demand a responsible approach to unlocking them. At the same time, the world,s
population is expected to grow by another 2 billion people, raising the number of global consumers of energy to 9 billion by 2050.
The energy challenge society faces, requires a fresh approach – one that seizes bright ideas that spark cost-effective and faster-to-market innovation. Given the dynamics of our transforming world, companies like Shell have to combine strong in-house technology innovation and a not-invented-here mindset.
What is essential is an open innovation approach combined with a corporate readiness to embrace the innovations
that originate outside Shell and other organisations and move to commercialise them efficiently and effectively.
We welcome collaboration – we cannot do it all alone as energy producers.
Shell calls on its researchers, scientists and technologists to push for novel energy technologies, but to augment
this we have embarked on a drive to innovate how we innovate. It involves intensifying our search for partners
who can help us discover and explore fresh ideas and new approaches in energy. Already, thousands of our scientists and technologists collaborate every day with counterparts at other companies and research institutions as well as with promising start-ups, major resource holders and technologists with original ideas.
Yet, we know that is just the start. We have rejuvenated Shell Technology Ventures (STV), our corporate venturing
arm. Originally launched in 1998, STV has invested in and deployed new technologies across the energy sector. But its new approach mirrors what has been happening in the changing universe of private investment.
STV is concentrating on identifying innovations and technologies that can provide meaningful commercial advantage.
It acts as a strategic partner and makes investments in select technology companies, joint ventures and externally managed venture capital funds. Already, we have fostered a mutually beneficial relationship with Glasspoint Solar of California, which uses solar energy to generate steam for enhanced oil recovery – a renewable energy solution to maximising oil recovery.
We are prepared to invest several hundred million dollars over the next six to eight years, centring on four principal investment strategies that involve participating in funds of funds and limited partnership positions, acquiring or gaining access to third-party technologies, and commercialising Shell intellectual property with others. We are focusing on 10 main investment areas, ranging from gas processing and conversion, geophysical
imaging to sensors, various oil and gas well aspects and the identification of future energy technologies.
Countless promising ideas are waiting to be explored. We are employing imagination, innovation and investment to pursue them. We are innovating how we innovate, as our world’s energy future rests on it.