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.
View Full Article
WHAT DO YOU THINK?
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.
- Shell Mulls LNG-Hub Network as Use by Ships and Trucks Expands (Jul 11)
- Tanzania Laws Would Allow Govt to Tear Up Mining, Energy Deals (Jun 29)
- Despite Cuts, Big Oil to Expand Production into the 2020s (Sep 05)
Company: GE Oil & Gas more info
- US Drops 25 Oil and Gas Rigs This Week (Jan 18)
- US Drops Four Oil Rigs This Week (Jan 11)
- US Drops Eight Oil Rigs This Week (Jan 04)
Company: Royal Dutch Shell plc more info
- Truce Reached over Canadian Shell Pipeline (Jan 10)
- Louisiana Petchems Unit Starts Up (Jan 07)
- Shell Extends Jackup Contract in Trinidad (Jan 02)