This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

GE Oil & Gas Gains A Contract Of More Than $150 Million For Julimar Development Project Offshore Western Australia

Stocks in this article: GE

Further expanding its presence in Australia’s liquefied natural gas (LNG) sector, GE Oil & Gas (NYSE: GE) has received a contract of more than USD$150 million from Apache in Australia to supply subsea equipment for the Julimar Development Project, located offshore near Dampier in Western Australia.

The Apache-operated Julimar Development Project is a joint venture between Apache (65 percent) and Kuwait Foreign Petroleum Exploration Company (35 percent). The project will supply raw gas from the Julimar and Brunello gas fields to the Chevron-operated Wheatstone Project in Western Australia. GE also is supplying equipment for Wheatstone, which will become one of Australia’s largest resource projects and will consist of LNG and domestic gas processing facilities.

GE’s contract represents the largest subsea agreement ever awarded by Apache in Australia. GE will be responsible for project management, engineering and procurement of the subsea equipment for the Julimar project.

“We were looking for an equipment supplier that could meet the specific challenges of this important project, including the demands of our tight schedule. With its technology expertise and broad experience in the LNG sector, GE met our requirements,” said Warren Ford, Apache Energy deputy managing director and director of projects in the Australia Region.

“Field conditions for the Julimar project dictate the use of large-bore equipment with high pressure and temperature requirements,” said David Leslie, regional leader for Australia of GE Oil & Gas. “We are able to supply the right technology to meet those standards while also taking advantage of our local presence and global experience.”

The GE equipment for the Julimar project includes subsea manifolds, well systems and fully integrated subsea and topside control systems. Shipments will begin in June 2013 with installation starting in the fourth quarter of that year.

The Julimar project is the latest example of GE’s commitment to Australia’s economic growth. Among GE’s recent investments in the country is the recently opened Jandakot facility in Perth, a $100 million state-of-the-art technology and learning center that will support the training of the next generation of skilled workers in the oil and gas, energy, mining, transportation and water industries.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,817.90 +7.84 0.04%
S&P 500 2,069.41 +5.91 0.29%
NASDAQ 4,754.8920 +41.9220 0.89%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs