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GE and Rosneft to cooperate on Russian oil and gas exploration

Oilfield Technology,


GE and OJSC Rosneft have signed a memorandum of understanding (MOU) that lays the foundation for the two companies to jointly evaluate and develop commercial opportunities in oil and gas exploration and production in the Russian Federation.

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.

“The MOU underscores GE’s interest in discussing, jointly with the Russian government and Russian oil and gas companies, the technology needs of the Russian oil and gas industry today and in the future, identifying key areas of cooperation to create value for the Russian Federation and GE,” said John Krenicki, GE vice chairman and president.

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 monetisation technologies and enhanced oil recovery and difficult reserve development.

Adapted from press release by Peter Farrell.

Read the article online at: https://www.oilfieldtechnology.com/exploration/04072012/ge-and-rosneft-sign-mou-to-cooperate-in-exploration/

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