FLORENCE, ITALY – January 31, 2011 – Leaders from some of the world’s largest oil and gas exploration and production companies, including BP, Chevron, Petronas, Saudi Aramco and Woodside, are among the 1,000 industry representatives gathered in Florence, Italy to attend the 12th GE Oil & Gas Annual Meeting.
The two-day event addresses the complex technology challenges facing the oil and gas industry as it adjusts to a reset global economy, a changing regulatory environment following the Macondo-well Gulf of Mexico oil spill, and to the huge rise in demand for hydrocarbons that is projected in the decade ahead.
To offset the depletion of oil and gas reserves and meet demand to 2020, additional resources equivalent to approximately five (5) times the oil capacity currently produced by Saudia Arabia and four (4) times the gas capacity currently produced by Russia will be required.
Claudi Santiago, President and CEO, GE Oil & Gas said: “Unlocking new hydrocarbon resources is essential to global economic recovery and growth. But the age of ‘easy oil’ is truly over. New technology solutions are required to monetize stranded resources, enhance oil recovery and access unconventional, complex reservoirs. Opening up new exploration and production frontiers means, for example, operating in ultra-deep waters, handling sour and acid gas, and developing electrification solutions to support gas storage projects that help reduce emissions and maintain energy security. These are all areas where GE Oil & Gas has existing technologies in place, backed by R&D spending to keep reliable innovation flowing.”
“Safety and reliability are crucial to tackling all of these challenges”, continued Santiago, “Collectively, the oil and gas industry is working extremely hard to learn the lessons post-Macondo and to proactively seek to address stringent new regulatory requirements worldwide.”
“Success in the decade ahead,” he concluded “must be underpinned by reliable innovation that helps to minimize risk and drive production efficiencies. GE Oil & Gas applies GE’s experience of operating in the heavily regulated aviation and nuclear industries through our deeply embedded ‘Aviation Mindset’. This approach underpins our safety culture, as well as increased rigor in the design engineering, manufacturing, testing, installation and servicing of our entire portfolio of advanced oil and gas equipment. Finally, this decade requires continued collaboration and partnership across the oil and gas industry.”
GE Oil & Gas also applies its ‘Aviation Mindset’ approach by exploiting GE aero-derivative gas turbine and material science technologies, providing remote monitoring and diagnostics (RM&D) capabilities on all key oil and gas equipment product lines and through the rotation of senior engineers through GE Aviation.
This 2011 Annual Meeting program includes technology sessions and a ‘Solutions Fair’ showcasing GE’s advanced technologies across key segments of the global oil and gas value-chain, including the Blue-C™ Subsea Compressor - the world’s first subsea compressor.
Based on GE’s proven CO2 emissions avoiding Integrated Compressor Line (ICL) technology, the Blue-C™ Subsea Compressor is capable of unattended operation at up to 2,950 feet below sea level with power up to 15MW. The technology completed successful testing between March - October 2010 and the first unit was shipped to Statoil’s Egersund, Norway facility in December 2010 in preparation for deployment in the Ormen Lange natural gas fields’ development.
GE Oil & Gas also announced a number of project awards, including:
The Annual Meeting program also includes tours of GE’s state-of-the-art facilities in Florence and Massa, Italy where some of the world’s largest and most advanced oil and gas equipment is manufactured and tested.
For 2011 GE Oil & Gas Annual Meeting information: www.oilandgasannualmeeting.com/home.asp.
About GE Oil & Gas
GE Oil & Gas (www.ge.com/oilandgas) is a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals. GE Oil & Gas also provides pipeline integrity solutions, including inspection and data management, and design and manufacture wire-line and drilling measurement solutions for the oilfield services segment. As part of its 'Innovation Now' customer focus and commitment, GE Oil & Gas exploits technological innovation from other GE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 12,000 people worldwide and operates in over 100 countries.
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's website at www.ge.com.
To arrange an interview contact: