GE Hosts Global Oil and Gas Summit on Innovation

Leaders of many of the world’s largest oil and gas producers are among the 900 industry representatives gathering in Florence, Italy, today to attend the 11th GE Oil & Gas 2010 Annual Meeting.

The Innovation Now theme of this year’s event explores the tough technology challenges facing the global energy industry.

In his keynote address, Claudi Santiago, president and CEO of GE Oil & Gas, said: “Meeting rising oil and gas demand and maintaining energy security in a reset global economy requires renewed focus and partnership. Opening up new production frontiers demands innovation and reliable technology that minimizes risk, drives production efficiency and addresses environmental sustainability.”

Santiago noted: “GE is tackling this head-on with technology solutions to support our customers enhance oil recovery and access unconventional, complex reservoirs. We are innovating to meet tomorrow’s energy challenges and over the next three years will spend more than $500 million on R&D.”

During the Annual Meeting, GE Oil & Gas announced a number of project awards, including:

• A contract worth over $200 million, awarded by Hyundai Engineering & Construction Company (HDEC), to supply eight gas turbines and related services, for the Abu Dhabi Gas Industries (GASCO) integrated gas development (IGD) project at Habshan in Abu Dhabi;
• A $102 million contract awarded by Slovensky Plynarensky Priemysel (SPP) to upgrade three pipeline compression stations in Slovakia, bringing the facilities into compliance with new European Union directives to decrease carbon dioxide and nitrous oxide emissions; and,
• The first order by Shell U.K. Ltd of GE’s new VetcoGray SVXT S-Series subsea tree. Intended for harsh, shallow-water fields, the new tree’s streamlined design reduces weight by over 20 percent. This, and other reliable technology features, provides a more compact and efficient solution for operators.

Annual Meeting highlights include presentations by executives from leading oil and gas companies such as Chevron, Gazprom, BP, RasGas, ExxonMobil, Petrobras and Conoco Phillips. Topics will include the role of new technologies in overcoming exploration and production project challenges, the development of remote and deepwater resources, and challenges ahead for the energy industry.

The Annual Meeting also features seminars and workshops on GE’s new and emerging technologies and tours of GE’s state-of-the-art manufacturing and testing facilities in Florence and Massa.

For more information on the 2010 GE Oil & Gas Annual Meeting visit:
www.oilandgasannualmeeting.com/agenda.asp.