GE Oil & Gas (NYSE:GE) today unveiled several new initiatives during a
gathering here of oil and gas industry analysts that underscore the
company’s transition over the past 20 years into a global provider of
advanced engineering, software and financing solutions to help oil and
gas companies make smart infrastructure management decisions and drive
industrial growth and innovation.
GE entered the oil services sector with its 1994 acquisition of Italy’s
Nuovo Pignone, a gas turbine, compression and pump equipment supplier
that served primarily petrochemical processing plants and pipelines.
Since then, GE Oil & Gas has grown into a $20 billion order business
through acquisitions as well as investments in technology, with a focus
on key segments including turbomachinery, subsea equipment and the
booming unconventional oil and gas sector.
“Through a number of successful acquisitions and technology
advancements, GE Oil & Gas today offers customers an unparalleled
portfolio of advanced technology across all oil and gas segments,” said
GE Oil & Gas President and CEO Lorenzo Simonelli. “Our portfolio now
goes beyond equipment. Through our advanced technology, including
hardware and software solutions and services, we help our customers
manage their operations in a cost-efficient manner driving capital
efficiency.”
Significant growth in the global unconventional oil and gas space is
just one of the major energy trends driving the demand for GE Oil & Gas’
expertise and capabilities to address technical and environmental
challenges facing the global energy industry. Unconventional oil and gas
production is expected to increase globally by 9 percent per year by
2018 alone.
Following Nuovo Pignone, GE made several other oil and gas service
business acquisitions in the past decade including VetcoGray, Hydril
Pressure Control, Wellstream Holdings PLC, the Well Support Division of
John Wood Group PLC and Lufkin Industries to become a more strategically
integrated drilling, surface and subsea systems company.
These acquisitions have enhanced GE’s position to compete for future
growth. In addition to the unconventional oil and gas production growth,
the company expects subsea industry to increase globally 9 percent per
year and liquefied natural gas (LNG) industry 8 percent per year by 2017.
Key initiatives highlighted at the meeting today include:
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A joint venture of GE and Ferus Natural Gas Fuels (Ferus NGF), along
with Statoil, a leader in the oil and gas exploration and production
industry, today announced the expansion of a pilot project to capture
flare gas and use it to power Statoil’s drill rigs and to fuel its
hydraulic fracturing operations in North Dakota. The expansion is the
first step by Statoil to move into full commercial adoption of the GE
and Ferus joint venture’s Last
Mile™ Fueling Solution (Last Mile), which provides environmental,
cost-saving and logistics solutions for the company’s Bakken oilfield
operations. The Last Mile solution is enabling Statoil to comply with
new flaring regulations in North Dakota, at a time when approximately
30 percent of natural gas produced in the Bakken is flared as waste.
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GE announced it is providing both technology and capital to help
expedite construction of the Freeport LNG gas liquefaction and LNG
export project in Southeast Texas. The Freeport facility will play a
vital role in maximizing the value of abundant and affordable shale
gas and will be the first world-scale electric LNG plant in North
America. GE is supplying the main refrigeration compressors,
variable-speed drive electric motors and other electrical equipment
for two customized LNG liquefaction trains, each of which will produce
a base volume of 4.4 mtpa of LNG. In addition, GE is providing
financing to support the project through pre-construction engineering
and design. Using GE’s electric motor-driven technology has enabled
Freeport LNG to comply with strict local emissions standards and
support its ambitious LNG production and export targets.
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GE and Accenture introduced their Intelligent
Pipeline Solution (IPS), the first-ever Industrial Internet
offering to help pipeline operators make better decisions concerning
the condition of their critical machines and assets in the oil and gas
pipeline industry. IPS combines Pipeline Management, a GE Predictivity
software solution powered by the PredixTM platform, with
Accenture’s digital technology and systems integration capabilities to
help customers make better, faster decisions on their pipeline
operations to improve safety and avoid costly downtime. Columbia
Pipeline Group, strategically located within the Marcellus and Utica
shale plays, will be the first customer to implement this breakthrough
technology across its network of 15,000 miles of interstate natural
gas pipelines.
“These agreements and technology advancements illustrate the breadth of
GE Oil & Gas’ capabilities to meet the needs of our global customer
base,” said Simonelli. “GE’s capabilities are broad and growing, and we
are committed to making long-term investments in our products and teams
to help serve customers around the world.”
About GE
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
About GE Oil & Gas
GE Oil & Gas works on the things that matter in the oil and gas
industry. In collaboration with our customers, we push the boundaries of
technology to bring energy to the world. From extraction to
transportation to end use, we address today's toughest challenges in
order to fuel the future. Follow GE Oil & Gas on Twitter @GE_OilandGas.
For more information, visit
the GE Oil & Gas Investor Meeting page on ge.com
Copyright Business Wire 2014