The energy industry is in a"multiyear"reorganizing of the global energy system-not only for fossil fuels but for LNG,Lorenzo Simonelli,CEO of technology and oilfield services provider Baker Hughes,said April 20.Already oil and gas companies have taken steps in the last couple of years as the coronavirus pandemic has forced them to rely less on producing at breakneck speed and focusing instead on what investors want to see-high margins,returns and cash flows,coupled with low debt and modest production growth.And for LNG,"it's clear the unfolding situation in Europe has definitely accelerated the pace of discussions on the next wave of...projects aiming to take FID,"or final investment decisions,Lorenzo said during his company's first-quarter earnings call."We'd already started to see market momentum pick up in 2021,as countries set net-zero targets and also started to realize the role of natural gas and what it would play in the energy transition."
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