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.


12

View Full Article

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

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Andreas Exarheas
Assistant European Editor | Rigzone
 -  Brexit Will Make 'Little Difference' t... (Jun 27)
 -  FirstEnergy Expects Crude Oil Price to... (Jun 23)
 -  Wentworth Resources Secures Approval f... (Jun 22)
 -  BLOG: Will NDA Militants Agree to Peac... (Jun 22)
 -  Niger Delta Attacks Threaten West Afri... (Jun 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
Assistant Manager
Expertise: Well Control|Well Servicing & Testing
Location: Sidney, MT
 
Electric Transmission Business Development - Senior
Expertise: Business Development
Location: San Ramon, CA
 
Service Operator I to Service Specialist I - Coil Tubing
Expertise: Coil Tubing
Location: Prudhoe Bay, AK
 
search for more jobs

Brent Crude Oil : $47.16/BBL 2.58%
Light Crude Oil : $46.33/BBL 2.74%
Natural Gas : $2.71/MMBtu 1.87%
Updated in last 24 hours