In the 2007 IPCC Fourth Assessment Report, it was stated that some physical impacts from climate changes are occurring now and future impacts are unavoidable even if we do succeed in reducing emissions. Adaptation to climate change is now widely recognized as an equal and complementary response to greenhouse gas (GHG) mitigation in addressing climate change.

Climate change impacts are predicted to vary from region to region. Specific actions by business to adapt to climate change will vary depending on their value chain and the unique circumstances of the locations of their operations.

This paper describes an adaptation assessment of the global oil and gas value chain that will enable companies to plan for the projected impacts of climate change and build resiliency into their long-term business models. The potential opportunities and risks for the global oil and gas value chain as identified by an assessment of the projected impacts of climate change in key oil and gas industry geographical regions are presented. A specific project development in the Arctic is evaluated based on climate change model projections for the specific location and identification of opportunities and risks there. Potential design modifications, technologies and other adaptation solutions are identified and assessed for implementation.

The adaptation assessment methodology and case example presented will aid companies in the oil and gas sector as they begin to effectively plan to increase their company's ability to cope with an uncertain future and satisfy stakeholder interest. By using the opportunities and risks presented for the global oil and gas value chain combined with climate model projections for specific locations, companies can consistently and effectively identify risks and opportunities, identify and assess solutions and implement solutions where there is sufficient business case to do so.

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