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GE Oil & Gas has announced a new technology collaboration agreement with Devon Energy Corporation to accelerate the development and testing of products in the field to enhance the performance and economics of unconventional oil and gas projects.

Under the agreement, GE will work with Devon Energy on driving technology advancements for artificial lift systems used for increasing the flow of liquids from production wells, advanced drilling technologies and water treatment solutions.

The announcement took place at the groundbreaking ceremony for GE鈥檚 new Global Research Center (GRC) in Oklahoma City. The Center is part of GE鈥檚 program to triple R&D investment in the oil and gas industry over the course of the next three years. Scheduled to open next year, the Oklahoma Center will be focused on mid to later stage oil and gas technologies; solutions related to production systems, well construction, water use optimization, CO₂ solutions and energy systems.

Lorenzo Simonelli, president and CEO, GE Oil & Gas, commented: 鈥淕E is committed to leading the unconventional resource revolution and technology is the core of how we will win in this space. Through increased R&D investment, the creation of tech hubs, like Oklahoma City and Rio de Janeiro, and new partnership models, we are getting closer to our customers and bringing best-in-class technologies to the market quicker. This approach is helping our customers be more efficient and productive and delivering growth for GE鈥�.

GE鈥檚 new Oil & Gas Technology Center will attract oil and gas industry professionals from around the globe and serve as a focal point for building new working relationships with the State鈥檚 university network.

Oklahoma Governor Mary Fallin said: 鈥淲e have worked hard to create more jobs and opportunities for Oklahoma families by strengthening our state鈥檚 economy. We鈥檝e also worked to enhance Oklahoma鈥檚 reputation as a national leader in energy production and energy related research. The addition of GE鈥檚 new Oil and Gas Technology Center in downtown Oklahoma City is a major victory in the effort.鈥�

鈥淭he creation of the new center represents a US$ 125 million investment that will lead to 130 high tech, high paying jobs. GE鈥檚 new center will also help connect Oklahoma to a global network of technology and industry partners鈥�, Fallin added.

With the high tech jobs that GE is creating at the new center and its ability to attract customers from around the globe, the total direct and indirect economic impact on the state and local economies is estimated to be at least US$ 13 million annually.

Congressman James Lankford said: 鈥淥klahoma has long been a leader in energy innovation, and the addition of GE鈥檚 new Global Research Oil and Gas Technology Center will strengthen our state鈥檚 pioneering role in defining our global energy future鈥�.

Adapted from a press release by .

Read the article online at: /business-news/13052014/oklahoma_city_global_research_oil_and_gas_510/