GE, Rosneft sign MOU to jointly evaluate & develop opportunities in oil & gas exploration & production in the Russian Federation
Under the terms of the MOU, GE and Rosneft will form a joint working group to identify the range of potential opportunities for short and long–term opportunities, including equipment for Arctic offshore field development, gas monetization technologies and enhanced oil recovery and difficult reserve development.
The MOU was signed by John Krenicki, GE vice chairman and president and CEO of GE Energy; and Igor Sechin, president of Rosneft. The agreement calls for a strategic, cooperative relationship that would (1) leverage GE Oil & Gas technologies to help Rosneft improve efficiency and yields in its oil and gas exploration and recovery operations, and (2) explore opportunities to jointly develop, manufacture and sell equipment for use in Russia’s oil and gas industry.
GE Oil & Gas has developed technology for increasing gas monetization and recovery efficiency as well as developing fields in the most extreme conditions.
GE Oil & Gas, headquartered in Florence, Italy, employs 33,000 people and has operations in approximately 130 countries worldwide, generating more than $14 billion of annual revenue. GE sells advanced technology equipment and services for all segments of the offshore and onshore oil and gas industry, from subsea, drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals.
Rosneft is a leader in Russia’s petroleum industry, and ranks among the world’s top publicly traded oil and gas companies. It is primarily engaged in exploration and production of hydrocarbons, production of petroleum products and petrochemicals, and marketing of outputs.