GE Oil & Gas (NYSE: GE) today announced it has been awarded a $147 million engineering, procurement and construction (EPC) contract from Statoil. Under the contract, GE will supply subsea production and injection equipment for Statoil’s Snøhvit carbon dioxide (CO 2) injection project, designed to provide a robust CO 2 solution.
The CO 2 is naturally present in the reservoir and is produced with natural gas at the field. The CO 2 is separated from the gas onshore before it is pumped back to the reservoir via a dedicated pipeline. The new CO 2 injection facilities have been designed to accommodate Statoil’s need for additional injection capacity over the lifetime of the field.
For the project, GE will supply the Norwegian company with a subsea system enabling both injection and production wells.
This delivery follows GE’s previously provided subsea production system to Statoil for the company’s initial production activities in the Snøhvit field.Delivery of the equipment will take place during the second quarter of 2015. GE will manufacture the trees at its Aberdeen facility and the control systems at the company’s Nailsea, U.K., facility. Meanwhile, the subsea template and manifold components will be built in Norway. GE will manage the EPC project from its Bristol, U.K., offices. “We are excited to collaborate with Statoil on this initiative to extend production activities at the Snøhvit field,” said Rod Christie, CEO—Subsea Systems, GE Oil & Gas. “We are committed to helping our customers meet their most difficult technical and logistical challenges in developing new and more mature gas fields, ensuring a more sustainable and environmentally friendly development.” 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 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV