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Lorenzo Simonelli welcomed attendees to the 20th Annual Meeting, and discussed major trends in the oil and gas industry: that the world needs more energy, that people want more from energy, and how digitization and technology are changing the landscape.
There are three key trends in the oil and gas industry:
1. The world needs more energy—more than 1 billion people in the world are living without access to electricity.
People want more from energy—cleaner, more efficient, and more productive.
2. Digitalization of energy and democratization of technology are changing the landscape as we go forward.
3. Climate change is a crucial consideration. How will we as an industry take it on? Currently 10% of CO2 emissions worldwide come from the oil and gas industry. We have to take this on as an industry. We at BHGE take this very seriously.

To help the industry move forward and adapt over the next 20 years, we have developed our 50-50-50 strategy: 50% reduction in our costs, 50% increase in reliability and efficiency, and 50% reduction in TOTEX for our customers.

Subsea Connect is one example of our strategy at work—drawing on our fullstream solutions to deliver increased productivity and provide more power to the world. It reduces the average economic development point of subsea fields by 30%, unlocking 16 billion barrels.

We established the NextStream Investment Fund to help plant the seeds of technology and development necessary to help our industry change.

We offer equipment and technologies like the LM9000 and NovaLT gas turbines to help lower emissions and reduce CO2 impact.

We see gas as the fuel of the future to help the energy transition.

The industry needs new models for enhanced productivity. BHGE is committed to delivering these, as evidenced by our recent ADNOC Drilling partnership, and our innovative commercial models to enable greater efficiencies.

We need new types of people, with new types of skills: software engineers, people from more industries and countries around the world, supporting the next-generation workforce and providing more as we go forward.

The big question is: how as an industry do we transform and take energy forward?

Oil and gas will continue to be an important part of the global energy mix, and BHGE is committed to investing in smarter technologies to advance the energy industry for the long-term. Managing carbon emissions is an important strategic focus for our business.
We believe we have an important role to play as an industry leader and partner. BHGE has a long legacy of pushing the boundaries of technology and operating efficiency. Today we take this to the next level by committing to ambitious new goals for ourselves, and to providing lower carbon solutions expected by customers and society.

By Lorenzo Simonelli, Chairman & CEO, Baker Hughes, a GE company