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GE to invest $110M in new Oil & Gas Global Research Center in Oklahoma

General Electric will build a new Global Research Center in Oklahoma dedicated to driving innovation and technological advancements in the oil and gas sector and bringing products to market faster. The new facility, which is GE Research’s first sector-specific Center, represents a $110-million investment by the company and will result in the creation of 125 high-tech engineering jobs initially, in disciplines ranging from mechanical and electrical to systems and software engineering.

The Center will initially focus on technologies that enable safe, efficient and reliable production, delivery and use of unconventional oil and gas.

GE Oil & Gas is the company’s fastest-growing business, with revenues of more than $15 billion and earnings and new orders having each grown 16% in 2012.

Unconventional resources, and shale gas in particular, may be one of the biggest productivity drivers of our lifetime. At GE, we see a tremendous opportunity in the oil and gas space. Since 2007, we have invested $11 billion to build broad technical capabilities that can deliver productivity gains and foster innovation for our customers.

—GE Chairman and CEO Jeff Immelt

Oklahoma City is also home to GE Oil & Gas’s Artificial Lift business, which is a recognized leader in electric submersible pump (ESP) manufacturing and services. GE said that the Artificial Lift business will benefit from the close proximity to the new center. Artificial lift technologies are of growing importance as they can make new oil fields more efficient and mature fields that were once viewed as depleted, productive again.

In the past three years alone, GE has established an Advanced Manufacturing and Software Center outside of Detroit, Michigan; started a new global software center in Silicon Valley; and added 100 new researchers to its global research headquarters in upstate New York. Taken together with the new Center, the total number of R&D jobs being created will exceed 2,300 and represent an investment totaling hundreds of millions of dollars.

Comments

Brotherkenny4

Thank goodness. I was worried that no one would tie our future to the permanently high costs of the unconventional fossil energies. Of course, that high cost is what makes them so profitable. I wonder if the car companies have planned for another spike in gas prices or not? The TV people better crank up the brainwash level too. Just how do you brainwash somone with a job at Walmart that they need an SUV?

SJC

We had a quadrupling of oil prices in the 1970s brought on by OPEC then another quadrupling 2000-2008 brought on by a desire for higher oil prices by the usual suspects.

OPEC was the best thing that ever happened to Exxon and the other oil companies, it got higher oil prices then they made more money. Imagine getting paid twice as much for delivering half as much product.

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