GE Announces New Technology Partnership with Devon Energy at Global Research Oil & Gas Technology Center in Oklahoma City $125M global hub to accelerate innovation, expanding GE’s R&D investment in oil and gas technology *New agreement using GE’s New Global Research Oil & Gas Technology Center in Oklahoma City to collaborate and drive innovations that enhance the performance and economics of unconventional oil and gas projects *Alliance to Focus on Artificial Lift, Advanced Drilling Technologies and Water Treatment Innovations *Oklahoma Center to open Q3 2015 and create 130 high-tech jobs Business Wire OKLAHOMA CITY, Okla. -- May 12, 2014 GE Oil & Gas (NYSE:GE) announced today a new Technology Collaboration Agreement with Devon Energy Corporation (NYSE:DEC) to accelerate the development and testing of products in the field to enhance the performance and economics of unconventional oil and gas projects. Under the alliance, GE will collaborate with Devon Energy on driving technology advancements for artificial lift systems used for increasing the flow of liquids from production wells, advanced drilling technologies and water treatment solutions. The announcement took place at a groundbreaking ceremony for GE’s new Global Research Center (GRC) in Oklahoma City, a hub for global oil & gas innovation and field testing of products to determine commercial viability. Scheduled to open next year, the Center is part of GE’s three-year effort to triple R&D investment in the oil and gas industry. Focused on accelerating mid- to later-stage oil and gas technologies, the Oklahoma Center will capitalize on its close proximity to GE customers and to an important oil and gas producing region. The Center will focus on solutions related to production systems, well construction, water use optimization, CO2 solutions and energy systems, and will draw on the company’s cross-business expertise to drive breakthroughs in the oil & gas space. Lorenzo Simonelli, president and CEO, GE Oil & Gas said, “GE is committed to leading the unconventional resource revolution and technology is the core of how we will win in this space. Through increased R&D investment, the creation of tech hubs, like Oklahoma City and Rio de Janeiro, and new partnership models, we are getting closer to our customers and bringing best-in-class technologies to market quicker. This approach is helping our customers be more efficient and productive and delivering growth for GE. ” Mark Little, chief technology officer, GE said, “Breakthrough technologies in natural gas have radically transformed the global energy landscape over the past decade. We look at innovation through a broad lens. GE’s global technology portfolio spans many industries. In Oil & Gas, we’re bringing the benefit of this perspective and partnering with great customers like Devon to push new frontiers in Oil & Gas production.” Following the announcement of the broad-ranging Chevron GE Technology Alliance in February, the company has recently announced a technology collaboration agreement with PEMEX and will continue focusing on key customer co-development to bring better solutions for the industry. GE’s new Oil & Gas Technology Center will attract oil & gas industry influencers from all around the globe and also serve as a focal point for building new working relationships with the State’s great university network, including the University of Oklahoma, Oklahoma State University, University of Tulsa and Oklahoma City University. Oklahoma Governor Mary Fallin said, “Over the past three years, we have worked hard to create more jobs and opportunities for Oklahoma families by strengthening our state's economy. We’ve also worked to enhance Oklahoma’s reputation as a national leader in energy production and energy-related research. The addition of GE's new Oil and Gas Technology Center in downtown Oklahoma City is a major victory in that effort. We are proud to welcome GE, one the world’s largest and most successful companies with more than 300,000 employees in 160 countries, to our Oklahoma community. Fallin continued, "The creation of this new center represents a $125 million investment that will lead to 130 high-tech, high-paying jobs. GE's new center will also help connect Oklahoma to a global network of technology and industry partners, many of whom will come here to do business and find solutions to some of the world's most pressing energy challenges.” Congressman James Lankford said, “Oklahoma has long been a leader in energy innovation, and the addition of GE’s new Global Research Oil and Gas Technology Center will strengthen our state’s pioneering role in defining our global energy future. I’m particularly proud GE is building its new Center in the Fifth District near Downtown Oklahoma City. GE’s new Center will bring high-tech jobs and an increased international presence to our already flourishing city. But GE’s not just building a new Center, it is building a new private sector economic engine to grow our economy for years to come.” Oklahoma City Mayor Mick Cornett said, “Today’s groundbreaking with GE represents another key milestone in our continuing efforts to create jobs and grow our city’s economy. With the new high-tech jobs GE is bringing into the City and its significant global customer base, GE’s new Global Research Oil & Gas Technology Center will attract new business and new visitors to our city that will inject tens of millions of dollars annually into our local economy.” Michael Ming, General Manager of GE’s Global Research Oil and Gas Technology Center, said, “Today’s groundbreaking shows the remarkable progress we have made in such a short time to build and establish GE’s technology presence in Oklahoma. Our ability to move so quickly would not be possible without the strong support of Governor Fallin, Mayor Cornett, the Oklahoma City Urban Renewal Association, and local business and community leaders who have been engaged with us every step of the way. We look forward to continuing to engage with other leaders in the oil and gas sector and partner with them to help develop solutions for their future growth.” With the high-tech jobs GE is creating at the new Center and its ability to attract customers from around the globe, the total direct and indirect economic impact on the state and local economies is estimated to be at least $13 million annually. To date, 25 employees have been hired with just as many new job postings out there that we are working to fill. Construction on the more than 100,000 sq. ft. facility is underway. Miles Associates, a local architectural and design firm in Oklahoma City, is leading the design. Flintco, also based in Oklahoma City, is leading the construction. In the interim, GE is leasing temporary office space in the City Place Tower in downtown Oklahoma City. For digital content related to this press release visit geglobalresearch.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 Global Research GE Global Research is the hub of technology development for all of GE's businesses. Our scientists and engineers redefine what’s possible, drive growth for our businesses, and find answers to some of the world’s toughest problems. We innovate 24 hours a day, with sites in Niskayuna, New York; San Ramon, California; Ann Arbor, Michigan; Bangalore, India; Shanghai, China; Munich, Germany; and Rio de Janeiro, Brazil. Visit GE Global Research on the web at www.ge.com/research. Connect with our technologists at http://edisonsdesk.com and http://twitter.com/GEResearch. About GE Oil & Gas GE Oil & Gas is a world leader in advanced technologies and services with 37,000 employees in more than 100 countries supporting customers across the industry—from extraction to transportation to end use. Making the environment, health and safety, quality and integrity our highest priorities is The Way We Work. Our technologies and services include: surface and subsea drilling and production, monitoring and diagnostics, measurement and controls, large-scale LNG, pipeline compression and inspection, well site and industrial power generation, technologies for the refining and petrochemical industries, and modular CNG and LNG units for transportation sectors. Through our customized service solutions, training programs and technologies, GE Oil & Gas partners with customers to maximize their efficiency, productivity and equipment reliability; develop their next generation workforce; and fully benefit from the megatrends of natural gas, the growth of subsea and hard-to-reach reserves and the revolution in asset health management. Follow GE Oil & Gas on Twitter @GE_OilandGas. Contact: GE Media: Todd Alhart, 518-387-7914 email@example.com
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GE Announces New Technology Partnership with Devon Energy at Global Research Oil & Gas Technology Center in Oklahoma City
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