Oil, Gas Industry Calls for Increased Collaboration amid Low Oil Price

Major players in the oil and gas industry are pushing for more industry collaboration amid the continuing low oil price, according to speakers at the 17th GE Oil & Gas Annual Meeting in Florence, Italy.

Rigzone, which is attending the event, heard Lorenzo Simonelli, GE Oil & Gas's president and CEO, suggest that companies in the sector had to band together in order to weather the storm currently affecting the oil and gas industry.

"Only together will we manage through the current climate. In an era of complexities we can drive productivity and return investment through innovation and partnership," he said in a presentation to delegates. 

Royal Dutch Shell Project & Technology Director Harry Brekelmans echoed Lorenzo's sentiment, championing the idea of collaboration in the hydrocarbons industry.

"I encourage everyone to keep exchanging ideas to harness the same level of creativity and the desire to challenge and transform the status quo," he said in a keynote speech.

Brekelmans noted that the industry had already heard promises of collaboration in previous years, but warned that the oil and gas sector's sustainability could be in jeopardy if companies in the sector don’t seriously consider teaming up.

"Of course, I’m all too aware that boosting collaboration has been talked about at nauseam over the years. It's met with responses like, 'Sure, we've tried that before, it didn’t deliver much.', [and] 'there's no need to act, we all know we're at the bottom of the cycle and the oil price will come back up' - at which point, transformation once again becomes transaction. Strategic becomes tactical and 'us' in the industry will become 'you versus me'…[Collaboration] is essential to the sustainable future of our industry," Brekelmans said.


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A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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