Oil & gas industry "sits at an inflection point": Baker Hughes CEO

Oil & gas industry "sits at an inflection point": Baker Hughes CEO
Published: 15 January 2020 - 6:45 a.m.
By: Carla Sertin

As conversations continue about the role that oil and gas companies should play in the energy transition, Lorenzo Simonelli addressed the public narrative about the industry during a panel at the International Petroleum Technology Conference (IPTC) in KSA.

"This industry sits at an inflection point," Simonelli said. "We are an industry that is hated by many, but is essential to everyone."

He noted Baker Hughes' decision to reduce its carbon footprint by 50% by 2030, with the goal of being net zero by 2050, and urged others to reduce their carbon footprints.

"Others coming together in the industry can do the same, and I think we can change the narrative, in the public," Simonelli said, noting that this was only half of the equation. "The rest is down to what we have done before, and can do again. The investments we have made in technology can help us in the energy transition."

He continued to note that "natural gas is the transition fuel, and we need to increase the demand for that fuel," due to its lower carbon footprint in comparison to other fossil fuels.

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