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The president and CEO of GE Oil & Gas has urged the hydrocarbons sector to continue seeking innovative solutions that will transform industry challenges into opportunities.
“Weathering the storm of these turbulent times will only be achieved by investing in innovative technology and working collaboratively with industry partners and governments to address tomorrow’s energy challenges,” Claudi Santiago said.
“The oil industry has been on a rapid growth curve, but its temporary slowing will have positive benefits for those brave enough to take advantage.”
“Although the industry is facing challenges, there remains a strong future for both oil and gas with unconventional sources, such as heavier oil and ultra-deep fields, being brought on-stream,” he added.
Santiago also said that International Energy Agency figures suggest that oil demand will grow to unprecedented levels within ten years which will mean the oil industry will need to add capacity equivalent to five and a half times that of Saudi Arabia’s current production levels.
“Technology innovation is the way to meet these challenges,” Santiago concluded.
