Baker Hughes (BHGE), part of the multinational conglomerate General Electric (GE) company, announced that it has completed the transaction with GEs oil and gas business, and will bring together industry-leading equipment, services and digital solutions across oil and gas development
BHGE said the new company is the first and only fullstream oil and gas company in the entire Middel East and Africa (MEA) region, which aims to help customers to acquire, transport and refine hydrocarbons more efficiently, with minimum environmental impact and at lower cost per barrel.
Lorenzo Simonelli, CEO and president of BHGE, said, “Our offering is further differentiated from any other in the industry across the value stream and enables and assists our customers in driving productivity, while minimising costs and risks.”
“We created BHGE because oil and gas customers need to withstand volatility, work smarter and bring energy to more people,” he commented.
Commenting on the continuous change in the oil and gas industry, he said that BHGE will create a complete value chain from upstream to midstream to downstream, to ensure productivity and project economics through integrated equipment and service offerings to its customers.
BHGE further focuses on using advanced technologies such as cloud-based software, advanced manufacturing and factory solutions, with an aim to reduce risk and help the customers to improve productivity during operations.
According to BHGE, the use of digital and advanced technologies in oil and gas industry can increase productivity approximately by five per cent.
Jeffrey Immelt, CEO and chairman of GE, said, “BHGE can help our customers be more productive in any cycle, especially today’s. It’s a smart deal for our combined customers, shareholders and employees.”
BHGE stressed that the company focuses on combining knowledge, experience and research to address the disruptive changes in the oil and gas industry, bringing new solutions to market faster.
“Our focus is on integrating our businesses quickly and seamlessly so we can drive long-term value for all of our stakeholders,” Simonelli concluded.
