Mastering the transition tightrope
Lorenzo Simonelli has reinvigorated Baker Hughes’ oilfield business lines while positioning it to be at the forefront of the energy transition
Petroleum Economist CEO of the year Lorenzo Simonelli has navigated Baker Hughes through one of the most transformational periods in its 112-year history. It recently emerged from a brief spell as a GE company as a thoroughly modern ‘energy technology company’, positioned for the energy transition and starting to post some impressive numbers. GE announced in October 2016 it was to acquire Baker Hughes Inc. and integrate it with GE Oil & Gas to form a single player, Baker Hughes, a GE company. The transaction closed in July 2017, but the original arrangement was to be very short-lived; in November 2017 GE announced it would exit its financial position in the combined business in an order
Also in this section
6 March 2026
The March 2026 issue of Petroleum Economist is out now!
6 March 2026
After Europe’s rapid buildout of floating LNG import capacity, Exmar CEO Carl-Antoine Saverys says future growth in floating gas infrastructure will increasingly be driven by developing markets as lower prices, rising energy demand and the need to replace coal unlock new opportunities for unconventional and tailor-made solutions
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
