The Baker Hughes Annual Meeting is one of the best places to discover the latest trends in the oil & gas sector. This year’s meeting kicked off in Florence, Italy in early February with a theme of focused of “Progress at Scale.”
According to consultant firm McKinsey,$275 trillion will need to be invested over the next thirty years for the energy infrastructure of the future. Achieving such scale requires balance, noted Lorenzo Simonelli, Chairman & CEO of Baker Hughes, during his opening address.
“Energy demand is due to increase by 26% by 2028,” he said. “We need to ensure that sustainability is balanced by affordability and energy security.”
This year’s event was by far the biggest ever. Over 2,300 delegates from 85 countries. Only 15 years ago, the meeting attracted about 700 for what was largely a turbomachinery showcase. These days, it spans the entire oil and gas value chain – upstream, midstream, and downstream — plus the power generation, mining, data center, aerospace, and steel sectors.
Simonelli foresees a future where all fuel types are utilized: oil, hydrogen, renewables, nuclear, and natural gas. He sees gas as a destination fuel, a firm part of an energy transition away from coal across the world, and the best way to ensure energy abundance as we go forward.
He promoted successes achieved through implementation of a variety of Baker Hughes technologies. Cheniere, for example, raised LNG capacity by 45 million tonnes (MT) in 2024 and accounts for 50% of U.S. LNG exports.
ExxonMobil extended gas turbine inspection intervals from six months to two years, saving nine days of LNG production time for the year by eliminating shutdowns.
Simonelli also announced several new projects:
- New LNG trains composed of Baker Hughes turbines and compressors for Argent LNG.
- Plants to develop a small-scale ammonia turbine with Hanwha.
- Carbon capture development in partnership with Heidleberg Materials in Bulgaria.
He also announced partnerships with data center giants QTS and Digital Realty “We will experience a doubling of energy demand within data centers over the coming year,” said Simonelli.
His presentation was followed by Khalid bin Khalifa Al Thani, CEO of QatarEnergy LNG, who shared the expansion plans of his company already the world’s largest LNG provider.
His company produces 77 MT per year of LNG from 14 trains and operates 272 wells. It plans to achieve 142 MTPA by 2030 from 22 trains and operate 452 wells. Further projects involve flare gas elimination, carbon capture, wastewater reclamation, and AI transformation.
“There is an ever increasing demand for energy as we grapple with sustainability,” he said. “LNG offers a cleaner alternative to other fuels while ensuring energy security.”
