GE Oil & Gas 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:
“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.”
Source: GE Oil & Gas
Date: Sep 10, 2014