Florence, Italy—The collapse in oil prices has shown major oil companies they must address their own practices and relationships with the service sector in order to stay competitive, upstream executives told an oil conference in Italy on Monday. Eldar Saetre, CEO of Norway’s Statoil, told the GE Annual Meeting that in the decade until last year’s price slump, return on capital for the major oil and gas companies had decreased by a third, while oil prices almost tripled. “The competitiveness of our industry is a problem,” Saetre said.
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