The still unfolding situation in Europe has “accelerated the pace of discussions” to sanction global liquefied natural gas (LNG) projects,” Baker Hughes Co. CEO Lorenzo Simonelli said Wednesday.

Simonelli shared first quarter results and the outlook for 2022 and beyond for the Houston-based oilfield services giant. 

“We already saw momentum pick up in 2021” for expanding the “role of natural gas and LNG in energy transition,” he said. “Arguably, we see a multi-year reorganization of the global energy system, which will take time to evolve.” However, “we see signs of a pick up” in final investment decision (FID) activity for proposed LNG terminals to 2025.

“There are lots of projects in the United States, which should be a big beneficiary of redrawing...