Ge Oil News

The global oilfield communication market is expected to grow with a CAGR of 8% over the forecast period 2019-2024, said a study.With the growing adoption of cloud-based services, oil companies are compelled to use oil field communication, said a report from ResearchAndMarkets. This keeps their offshore sites connected with the inshore site about production stats, which helps in better supply chain management.The smooth flow of materials is very important for oil companies as their profitability is highly dependent upon the turnover and downtime needs to be avoided.For instance, GE Oil & Gas, the service provider to oil and gas companies has shifted 350 of its applications to Amazon's cloud offering…

The Federal Energy Regulatory Commission (FERC) cleared Venture Global Calcasieu Pass LLC’s proposed liquefied natural gas export project in Cameron Parish, Louisiana, marking the first authorization in two years for a new LNG export facility.Venture Global LNG Inc. said it will start construction immediately on its $5 billion Calcasieu Pass liquefied natural gas export terminal in Louisiana. FERC also cleared  TransCameron Pipeline LLC’s associated natural gas pipeline."With our FERC order in hand and our project contracted with binding 20-year sale and purchase agreements (SPAs) with Shell, BP, Edison S.p.A., Galp, Repsol and PGNiG…

Venture Global LNG announced that it has entered into a 20-year, binding Sales and Purchase Agreement (SPA) with Repsol for the supply of one million tonnes per annum (MTPA) of liquefied natural gas from the Venture Global Calcasieu Pass LNG export facility, currently under development in Cameron Parish, Louisiana, USA.Under this agreement, Repsol will purchase LNG on a free on board (FOB) basis for a 20-year term, starting from the commercial operation date of the Venture Global Calcasieu Pass LNG export facility, currently expected in 2022 upon Final Investment Decision and the satisfaction of other customary conditions precedent.Mike Sabel and Bob Pender…

General Electric Co posted quarterly results that topped expectations on Friday, as earnings from aviation, healthcare and transportation offset weak power and oil-and-gas profits, sending shares sharply higher. GE affirmed its forecast for 2018 earnings and cash flow, and said it expects to book as much as $10 billion in proceeds from divesting industrial assets this year. Those comments eased concern that GE would post poor results. GE's profit reflected 7-percent revenue growth and vigorous cost cutting. Revenue rose in aviation, oil-and-gas and healthcare, offsetting declines in power, transportation, lighting and renewable energy. GE sliced $1 billion in costs, including $800 million in industrial structural costs.

ABS announced three senior management appointments as part of the organization’s digital class strategy. “As our markets are increasingly shaped by digital technology, ABS is setting the pace in digital innovation,” said ABS Chairman, President and CEO Christopher J. Wiernicki. “As part of our digital class journey, our entire organization is focused on digital developments and opportunities. Howard Fireman, previously the organization’s chief technology officer, will take on the role of ABS Chief Digital Officer (CDO) leading a global team of experts across the organization in the fields of data analytics, innovative inspection technologies…

General Electric Co said on Monday it would merge its oil and gas business with Baker Hughes Inc, creating the world's second-largest oilfield services provider as competition heats up to supply more-efficient products and services to the energy industry after several years of low crude prices. The deal to create a company with $32 billion in annual revenue will combine GE's strengths in making equipment long-prized by oil producers with Baker Hughes's expertise in drilling and fracking new wells. Shares of Baker Hughes were down nearly 7 percent, a drop that executives said likely was due to the deal's complicated structure. GE is already the world's largest oilfield equipment maker, supplying blowout preventers, pumps and compressors used in exploration and production.

LNG1 (L) Ltd. (PFLNG) to provide maintenance services for PETRONAS’ two forthcoming floating LNG vessels. A Contract Exchange ceremony for the award was held in Kuala  Lumpur on Thursday, 24 March 2016 between PFLNG and SKGE. Under the agreement, SKGE will provide PETRONAS with complete maintenance services for their fleet of twelve gas turbines as well as their fleet of GE compressors, generators and electric motors to be installed on their floating LNG vessels. These maintenance activities will be fully executed by the joint venture’s growing pool of local qualified field service engineers and diagnostic experts. The PETRONAS floating LNG vessels are examples of the emerging trend in the industry for smaller…

GE Marine and GE Oil & Gas announced that the marine module package design for its LM6000PG aeroderivative gas turbine has been certified by Lloyd’s Register and RINA Services (RINA). The test where the LM6000PG module effortlessly achieved 42 megawatts (MW) was conducted at the GE Oil & Gas facility in Massa, Italy. GE expects the actual Lloyd’s Register and RINA certification documents to be in hand by spring 2016. “Testing confirmed the quality, compact size, small footprint…

Eva Kristensen will take the helm as the new managing director at Ulstein Design and Solutions AS starting in January 2016. Kristensen will also enter into the role as COO for the Design & Solutions business area, and be one of the executives in the group management of Ulstein Group ASA. Kristensen joins Ulstein from GE Oil & Gas Nordics, where she was managing director for five years. Prior to this, she was managing director for two companies in the Aker system. Kristensen holds an MSc from the Norwegian University of Science and Technology (NTNU), Instritute of Naval Architecture and Marine Technology.

Nautilus Minerals Inc. announces that the order for the supply of the entire electrical installation for the production support vessel has been awarded to Siemens International Trading (Shanghai) Ltd., a wholly owned subsidiary of Siemens AG. Nautilus CEO, Mike Johnston, commented, “The electrical package marks the fourth major long lead time package to be awarded by the shipyard, Fujian Mawei Shipbuilding. We are especially pleased to be partnering with another world class, global company such as Siemens. Their involvement with our first seafloor production system, along with other industry heavyweights such as GE Oil and Gas, Sandvik, Soil Machine Dynamics, Rolls Royce, Bedeschi and McGregor highlights the quality of the system that we are building.

Olaf Wiertz, Sales Director at Schmiedag GmbH (SDG) and Wildauer Schmiedewerke GmbH & Co. KG (WSW) said: “We are more than just a supplier to our customers – we are their partner. Based decades of experience and the accrued knowledge of its employees, SDG and WSW seek to set world standards in the forging technology. Both companies together (also including a facility in Homburg for machining) form the closed-die-forging group within the more the Georgsmarienhuette (GMH) group, which is more than 150 years old.

The 5th ICC International Commercial Mediation Conference has brought together leading mediators, arbitrators, corporate managers and in-house counsel from around the world to focus on how companies can improve their chances of settling commercial disputes through direct negotiation, mediation and sound dispute resolution planning. Entitled “Plan to Succeed”, the lively event was designed by an international board of experts in using mediation to end complex commercial disputes with contractors, governments or clients, saving time for all involved. “The real added value of commercial mediation is that it helps businesses reach early and less expensive settlements of disputes in circumstances where direct negotiations have failed…

GE Oil & Gas today celebrated the ground-breaking of a new facility that will further expand its presence in the UAE in Jebel Ali Free Zone (Jafza). Scheduled to open in 2015, the new facility spreads over an area of 22,700 sqm and can accommodate over 300 employees. A milestone in the expansion of GE Oil & Gas in the country and the region, the new facility will offer services by GE Oil & Gas’ various business units, thus strengthening customer service standards. Housed in a customized state-of-the-art facility developed by Jafza, the new GE Oil & Gas Manufacturing & Technology Center will offer tailored training programs, and also feature a dedicated repair center that will help improve the speed of service delivered by being closer to the customers.

Maersk Drilling has ordered four Blow Out Preventers (BOPs) and two risers from GE Oil and Gas to be used in the Project 20K™ agreement with BP. The BOPs and risers are intended to be delivered and deployed on two Maersk Drilling 20K™ Rigs by year-end 2018. The order includes options for provision of further BOPs. The order is subject to BP and Maersk Drilling taking the final investment decision on a 20K™ Rig contract. BP and Maersk Drilling announced in February 2013 a joint study agreement to develop conceptual engineering designs for a new breed of advanced technology drilling rigs that will be critical to unlocking the next frontier of deepwater oil and gas resources.

Deep Casing Tools, which has an innovative range of tools designed to land casing and completions at target depth within oil or gas wells, has appointed Jason Henry and Magnus Wardle as Vice-Presidents of Business Development and Technology respectively, further strengthening the global team. Jason has extensive experience in the oil and gas industry, originally joining Baker Hughes in 1986 with operational and project management roles in Europe. Later, Jason joined the Baker…

GE Oil & Gas was awarded a contract to provide Korean shipbuilding firm Daewoo Shipbuilding & Marine Engineering (DSME) with turbomachinery equipment and services for a new oil and gas production platform being built to support the production activities of Statoil Petroleum AS and its partners Total S.A. and Det Norske in the Gina Krog field in the Norwegian North Sea. Gina Krog (previously known as Dagny) is located 30 kilometers (km) northwest of the Sleipner field and approximately 250 km southwest of Stavanger, Norway. The development of Gina Krog will be among Statoil's major new developments with an estimated 225 million barrels of oil and gas. For the project, GE is supplying DSME with an integrated topside turbomachinery solution featuring products from several GE businesses.

GE Oil & Gas is to establish its new global headquarters in London, England. Florence will remain the global headquarters for GE Oil & Gas Turbomachinery Products & Services, a more than $6 billion business and a key manufacturing and engineering site for the production of centrifugal compressors and gas turbines. “London was selected as the new headquarters location given its position as a leading international business and travel hub. From this location, a team of leaders from our global support functions will be able to more efficiently reach and serve our colleagues and businesses globally,” said Dan Heintzelman, president and CEO of GE Oil & Gas. The new global headquarters will support the business and 43,000 employees working in more than 100 countries.

GE Oil & Gas has signed an $84-million agreement with PEMEX Exploration and Production to supply and install subsea wellheads for PEMEX’s deepwater and ultra-deepwater drilling projects in the Gulf of Mexico. The Gulf of Mexico is a strategic zone for the hydrocarbon industry, since it is estimated to hold more than 50 percent of Mexico’s potential or prospective resources. However, such reserves are located in deepwater and ultra-deepwater sites, and advanced technology is needed to extract those resources for the benefit of the country. GE Oil & Gas has become a strategic partner both for PEMEX and for Mexico in the search of new hydrocarbon reserves.

The Offshore Technology Conference (OTC), which takes place May 6-9 in Houston, has announced 15 technologies that will receive the 2013 Spotlight on New Technology Award recognizing innovative new products that provide significant impact for offshore exploration and production. The awards will be presented at 1600 hours, 6 May, in Reliant Center. The Spotlight on New Technology Awards, which are for OTC exhibitors, showcase the latest and most advanced hardware and software technologies that are leading the industry into the future.

The Offshore Technology Conference (OTC), which takes place May 6– 9, in Houston, has announced 15 technologies that will receive the 2013 Spotlight on New Technology Award recognizing innovative new products that provide significant impact for offshore exploration and production. The awards will be presented May 6, in Reliant Center. The Spotlight on New Technology Awards, which are for OTC exhibitors, showcase the latest and most advanced hardware and software technologies that are leading the industry into the future. “Our Spotlight Award winners ask, ‘What if?’ and ‘Why not?’” said Spotlight Award Committee Chair Helge Hove Haldorsen.

GE Oil & Gas has received two Spotlight on New Technology awards from the 2013 Offshore Technology Conference (OTC) for two new products that address the challenges of deepwater drilling. The awards showcase the latest and most advanced hardware and software technologies that are leading the offshore exploration and drilling industry into the future. RamTel Plus System and ROV Subsea Display Panel. Blowout preventers (BOP) are critical components to drilling operation safety and are used on all wells, both on and offshore. GE’s RamTel Plus System and Remotely Operated Vehicle (ROV) Display provide the industry with real-time, electronic measurements of the BOP’s ram position and the pressure required to actuate the blades and/or sealing elements.

The Offshore Technology Conference (OTC), which takes place May 6-9 in Houston, announced 15 technologies that will receive the 2013 Spotlight on New Technology Award recognizing innovative new products that provide significant impact for offshore exploration and production. The Spotlight on New Technology Awards, which are for OTC exhibitors, showcase the latest and most advanced hardware and software technologies that are leading the industry into the future. “Our Spotlight Award winners ask, ‘What if?’ and ‘Why not?’” said Spotlight Award Committee Chair Helge Hove Haldorsen.

GE continues to expand its technology portfolio to address the challenges of offshore drilling & production and the rigors of deepwater drilling. Several GE business units showcased their latest products and services for the offshore sector in at the 2013 Offshore Technology Conference (OTC), which was expected to draw nearly 90,000 attendees. “With one of the industry’s most comprehensive portfolios of advanced technology solutions and services, GE Oil & Gas is helping to solve complex challenges all around the world,” said Dan Heintzelman, president and CEO of GE Oil & Gas. At the conference, GE Oil & Gas introduced the next-generation SeaONYX™ BOP surface control system and operator interface.