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Paul de Leeuw

Oil & Gas

Opinion: Awaiting the jury’s verdict on new kid Baker Hughes GE

Today, Baker Hughes GE (BHGE) will emerge as the new kid on the block on the New York Stock Exchange (NYSE), signalling the formal merger of Baker Hughes and GE Oil and Gas. This new company packs a real punch with around 70,000 employees in over 120 countries and annual revenues of US$23 billion in 2016.

Opinion

Paul de Leeuw- UK faces premier league relegation

The premier league of global E&P has changed dramatically with the USA overtaking both Saudi Arabia and Russia to become the world's largest oil and gas producer in 2014. The last time the USA was the world’s largest oil producer was in 1975. The impact of this change will no doubt have profound implications in geopolitical terms. So what about the UK’s position in the elite oil and gas premier league? According to the BP Statistical Review, the UK ranks now in the middle of the pack out of more than 50 countries in terms of oil and gas production in the global E&P table. The UK’s contribution has declined from c. 4% of the world’s production in 2000 to c. 1% in 2014. It is expected that the world’s oil and gas production will continue to grow over time to meet the ever increasing demand. With the UK’s production declining further in years to come, the UK may be relegated from the oil and gas premier league, unless we find ways to re-invigorate exploration, increase appraisal drilling and new field development activities in the UK.