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GE Oil & Gas Annual Meeting, Day 1 Recap — Tackling Sustainability and Complexity

February 03, 2015
Kicking off the first customer day of the GE Oil & Gas Annual Meeting, Lorenzo Simonelli, president and CEO of GE Oil & Gas, set the tone by outlining two key industry challenges: sustainability for the long-term prosperity of the global economy and ongoing provision of energy to the world and cost management in this era of complexity to help drive productivity and performance. These themes echoed throughout the day in keynote speeches, panel discussions and technology sessions.

Emilio Lozoya, CEO of Pemex, stressed the need for an integrated approach to a sustainable oil and gas sector — including economic, social and environmental sustainability.

Gina McCarthy, administrator for the US Environmental Protection Agency, confirmed that innovation is key to growth in the industry through this cycle. There are opportunities to reduce emissions along the whole extraction and delivery system, but standards are key to providing certainty and reducing risk to business and communities. “We don’t set standards to replace or limit vibrant, vital marketplaces,” said McCarthy. “We set standards to fortify them.”

Eldar Saetre, president and CEO of Statoil, followed with a focus on collaboration through universities, research institutes and policy makers to help our industry develop new technology and lower the environmental footprint. Click here to learn more about Powering Collaboration, GE and Statoil’s most recent collaborative initiatives.

The panel, “Fundamentals for Realizing Sustainable Growth” confirmed that this is an opportunity. We should be looking at the long term and using technology innovation to be more cost-effective.

The industry is facing cost and schedule overrun. With more definition around scope of projects and control of scope, we need to focus on standardization and simplification to manage cost. Panel discussion pointed to collaboration as another key factor in managing cost. Collaborating with partners to ensure innovative and quality products, collaborating with universities to develop a talent pipeline for the future and investing in employees to develop and retain our current talent.

To illustrate the industry drivers, seven interactive technology sessions helped to engage customers to understand how innovation can help solve some of the toughest industry challenges. The sessions included: innovation in pipeline applications, offshore and LNG operations, as well as the industrial Internet — how we can enhance drilling uptime through data and maximizing data. In addition, we discussed new solutions to increase efficiency and profitability of refinery and petrochemical operations, as well as solutions for developing natural gas infrastructure.

(Top image: Courtesy of Arne Hoel)