GE Wins $200M Petrobras Contract
GE (NYSE: GE) Oil & Gas has announced that its Wellstream business, acquired in March, has been awarded a long-term, flexible pipe and subsea equipment logistics services contract by Petróleo Brasileiro S.A. (Petrobras), one of the largest companies in Latin America which also controls significant energy assets in 18 countries worldwide. The long-term contract is initially valued in excess of $200M. To perform the long-term contract, GE will build a dedicated 55,000 sq. meter, $90M investment Wellstream flexible pipe and subsea equipment Logistics Base in Niterói, a commercial hub located 14 kms outside Rio de Janeiro. Petrobras will use the new facility to support its development of pre-salt oil and gas field projects in the Campos and Santos basins offshore Brazil.
Putin Prioritizes Oil Platforms, Tankers
Russian President Vladimir Putin prioritized the construction of oil platforms and tankers in the shipbuilding sector. Projects are being implemented for the construction of platforms for the development of oil and gas fields on the continental shelf, and a definite class of tankers, Putin said, opening a meeting devoted to shipbuilding industry issues. Russia, which holds the world's largest natural gas reserves and is among the top 10 countries in terms of oil reserves, is implementing huge oil and gas field projects, particularly the Shtokman deposit off the Arctic shelf, and Sakhalin I and Sakhalin II off the Pacific shelf, that have been the focus of the world's leading investors.
