1. Business and Technology Innovation: Essential Imperatives for Future Energy Sustainability Ekeh Modesty Kelechukwu Meng,BSc Hons CEng MEI, SPE Octagon Petroleum Technology Inc. Selangor, 43000 Kajang, Kuala Lumpur Malaysia. E-mail: kcmodesty@yahoo.com Exploration of petroleum resources is considered synonymous with the lifeblood of modern society and how it meets its energy needs. Yet, the entire globe has been unimaginably seized by the soon visible energy crisis and consequently demanding from humanity a systematic blue print of its sustainability. The future looks very different from our routine hydrocarbon exploration and production practices, hence to succeed in such future, players in the petroleum industry will need innovative business strategy to make their portfolios more diverse; develop new technologies that will help to establish the heartlands of sustainability; globalize operations and best practices; and invest in partnerships that create value across the strata of stakeholders. However, energy sustainability is a complex challenge, which involves, among others; petroleum industry players, private sector and Government. While parallel development in creating business friendly- environment and innovative technological advancement will serve as a vehicle to enable success in future energy sustainability. Technology will significantly influence the availability, choice and cost of future energy. Investment in R&D is crucial to provide energy efficient-technologies through private sector partnership. Business plays an important role in energy efficiency and sustainability, within its sphere of responsibility, in partnership with stakeholders and investment diversification. It should be taken into account that business operates well under sound predictable long term enabling frameworks and good governance. This paper focuses on the opportunities of inventing new conceptual dynamics to ensure sustainable energy future. Keywords: Business, Technology Innovation, Energy Sustainability Abstract Oil Security Threat: A Reality or Academic Concept? Oil Security Threat: A Reality or Academic Concept? Concept of Sustainable Energy Development “The Sustainable Development” was introduce in a report in 1987 produced by the World Commission on Environment and Development (WCED) “It’s defined as development that meet the needs of the present without compromising the ability of future generations to meet their own needs” Introduction “An energy crisis is coming, likely to be triggered by oil,” predicted by John B. Hess, 2011. “Demand is expected to grow on an annual basis by at least one million barrels per day, driven by the developing economies of the world and by a growth in transportation as we go from one billion cars today to two billion cars in 2050.” Primary energy consumption by region “Our actual global energy situation is vulnerable and expensive” IEA’s World Energy Outlook 2010. Future Oil crises is inevitable - driven by large growth and population in China & India APEC Oil production & Import The energy market of the future will be shaped by the strength of demand and supply. Energy Sustainability imperatives Consciousness, allows the oil and gas industry and the global society, to conduct a debate and reach a resolution that is driven by recognition of what future generations may require and define a pathway to meet their expectation. Strategy for Future Optimal Energy Efficiency Strategy for Future Optimal Energy Efficiency Pathways for Energy Sustainability A sustainable system will work towards natural process. In nature, all functions or techniques are inherently sustainable, efficient and functional for an infinite time period, i.e. ∆t → ∞. Proposed Pathway for sustainable energy future Sustainable energy future should be evaluated based on four value-judgment related to: Economy, Environmental, Social and Energy Security. It suggests that the total critical natural resources should be conserved in the whole energy development process. To enable success in the sustainability criterion, the sum of all the capitals cost should be greater than or equal to constant for all time horizons, i.e. (C n + C e + C s ) t constant for any Time “t”.