Boston, MA 05/14/2014 (wallstreetpr) – Devon Energy Corporation (NYSE:DVN) and General Electric Company (NYSE:GE) on May 12, 2014 announced that they entered into a partnership. The two companies announced that they entered into new Technology Sharing and Collaboration Agreement with the aim of allowing both the companies a scope of improvement and expansion of natural gas and unconventional oil projects. The two companies announced this deal at Oklahoma City at the Groundbreaking Ceremony of General Electric for Oil & Gas Technology Center. Devon Energy Corporation is based in Oklahoma City.
Main Objectives of the Agreement
There are three main objectives of the companies, according to the official press release. These are as follows:
- Improvement in the artificial lift systems so that the production well flow can be increased
- Enhancement in the drill performance in order to cut the costs while also diminishing the environmental damage.
- Exploration of water treatment as well as processing technology options in order to reduce the use of water from various drilling projects
Words from the President and CEO of GE Oil & Gas
The President and CEO of GE Oil & Gas, Lorenzo Simonelli, said that the new Agreement is based on the goal of allowing unconventional projects achieve new milestones of production capacity and efficiency. He also explained that the collaboration with Devon Energy Corporation will be done by making use of the GE Oil & Gas Technology Center so that the ideas can be developed and tested quickly in the field.
Words from the President and CEO of Devon Energy Corporation
The President and CEO of Devon Energy Corporation (NYSE:DVN), John Richels quoted that the long-term commitment of his company was development of innovative techniques in order to produce natural gas and oil. He explained the new Technology Sharing and Collaboration Agreement with General Electric Company as a “great opportunity” for improvement in the technological progress.
