Chevron, GE Form Technology Alliance Business Wire FLORENCE, Italy -- February 3, 2014 Chevron Energy Technology Company (NYSE:CVX) and GE Oil & Gas (NYSE:GE) announced today the creation of the Chevron GE Technology Alliance, which will develop and commercialize valuable technologies to solve critical issues for the oil and gas industry. The Alliance builds upon a current collaboration on flow analysis technology for oil and gas wells and will leverage research and development from GE’s newest Global Research Center, the first dedicated to oil and gas technology. “GE brings its leading manufacturing capabilities, worldwide marketing, distribution, and extensive R&D capabilities not only for oil and gas, but also other business sectors to this alliance,” said Paul Siegele, president of Chevron Energy Technology Company and chief technology officer. “Together, we hope to bring impactful new technologies to the industry.” “Chevron’s deep understanding of the oil and gas industry, combined with GE’s long tradition of technology development and close collaboration with strategic partners, will uniquely position this new alliance to address the industry’s technology needs,” said Lorenzo Simonelli, president and CEO, GE Oil & Gas. “The solutions developed by this alliance will take on even more industry significance given Chevron’s proven leadership in being first to field-test and deploy new technology breakthroughs.” This partnership builds upon an ongoing collaboration between Chevron and GE developing the GE Safire™ flow meter, now being tested and deployed on Chevron land-based well production lines in the western United States. In addition to the flow metering collaboration, which is being conducted with the Measurement & Control business within GE Oil & Gas, the Alliance also is managing a coatings project and will be taking on additional high-value projects in the near future. The Alliance provides a mechanism for commercializing early stage technologies from Chevron, GE or other technology partnerships. For example, GE flow meter products will be developed incorporating the Swept Frequency Acoustic Interferometry (SFAI) metering technology incubated in an alliance between Chevron and Los Alamos National Laboratory (LANL). SFAI technology was originally developed by LANL for defense applications. "Los Alamos develops unique technologies for our national security missions and these can have powerful applications for U.S. industry," said Duncan McBranch, chief technology officer for Los Alamos National Laboratory. "Strategic partnerships with industry allow us to accelerate breakthrough innovation in these areas. As the Chevron GE technology alliance demonstrates, national laboratories can serve an important role in connecting different industry partners to strengthen the U.S. innovation landscape.” Chevron is one of the world’s leading integrated energy companies with subsidiaries that conduct business worldwide. The company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com. 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. Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140202005064/en/ Multimedia Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50795351&lang=en Contact: GE Oil & Gas Sean Gannon, +1-212-587-5059 email@example.com or Chevron Lara Sweeney, +1 713-372-4918 firstname.lastname@example.org
Chevron, GE Form Technology Alliance
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