Related Articles
Interview
Forward article link
Share PDF with colleagues

“Lower for longer is the new normal”

Baker Hughes, a GE Company head Lorenzo Simonelli says newly merged firm is already adapting to the industry’s leaner environment

Expect to see more consolidation between oil and gas companies offering services at different stages of the process, says Lorenzo Simonelli. He now presides over the merged Baker Hughes, a GE Company—or BHGE, as it is listed on the New York Stock Exchange. At a meeting on the sidelines of the World Petroleum Congress on 10 July, he pointed to the underlying logic of the merger. BHGE is now the world's largest manufacturer of oilfield equipment with its second-biggest oilfield-services provider. At a time when efficiency and cutting cost are paramount, it's the kind of scale he thinks will yield growth. "We are starting to see some consolidation in drilling, and with the big players in Nor

Also in this section
Saudi Aramco mixes it up
18 January 2018
While keeping oil at the core of its operations, Saudi Aramco is looking to a greener future and preparing to import gas for the first time
Long to-do list in Nigeria
18 January 2018
NNPC has expansion plans for its lucrative upstream, and hopes to stem losses in the downstream, as the company awaits major restructuring
Sowing the seeds in Africa
9 January 2018
The AFC is committed to providing financial support for energy infrastructure development across the continent in a difficult investment climate