Baker Hughes and Schlumberger Focus on Clean Energy for Growth, Auto News, ET Auto

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While companies are optimistic about the growth potential of the clean energy transition, they have not specified the size of their investments in these companies.


New Delhi:
Oil service companies Schlumberger and Baker Hughes rely on new energy transition companies like carbon capture and hydrogen for their growth, and expect these clean energy units to compete with some of their older units. traditional within the next decade, executives said Wednesday.

Schlumberger estimates that global investments for industries moving away from fossil fuels could increase from $ 300 billion per year in recent years to $ 1.6 trillion per year between 2030 and 2040, said chief executive Olivier Le Peuch, citing industry projections.

If Schlumberger could capture just over 1% of this market segment over the next decade, the resulting activity would equal the size of its current oil and gas business, he said.

Lorenzo Simonelli, CEO of Baker Hughes, said its carbon and hydrogen capture business could generate billions of dollars in annual orders by the end of the next decade, potentially reaching the size of its turbine engine unit and process solutions.

While companies are optimistic about the growth potential of the clean energy transition, they have not specified the size of their investments in these companies.

Baker Hughes plans to focus more on its oilfield services and equipment and industrial energy technology businesses, Simonelli told investors at Barclays CEO’s Energy-Power conference on Wednesday, a move he said he said, will help align its priorities with the energy transition, he said.

“US production is struggling to recover from Hurricane Ida,” ANZ said in a note. “Significant infrastructure damage and power outages mean Ida cut more supply after nine days than any other storm.”

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