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Chevron, GE Form Technology Alliance
|By Business Wire
|February 3, 2014 02:00 AM EST
Chevron Energy Technology Company and GE Oil & Gas announced today the
creation of the Chevron GE Technology Alliance, which will develop and
commercialize valuable technologies to solve critical needs for the oil
and gas industry.
The Alliance builds upon a current collaboration on flow analysis
technology for oil and gas wells. It will leverage research and
development from GE’s newest Global Research Center, the first dedicated
to oil and gas technology.
“GE brings its leading manufacturing capabilities, worldwide marketing,
distribution, and extensive R&D capabilities not only for oil and gas,
but also other business sectors to this alliance,” said Paul Siegele,
president of Chevron Energy Technology Company and chief technology
officer. “Together, we hope to bring impactful new technologies to the
“Chevron’s deep understanding of the oil and gas industry, combined with
GE’s long tradition of technology development and close collaboration
with strategic partners, will uniquely position this new alliance to
address the industry’s technology needs,” said Lorenzo Simonelli,
president and CEO, GE Oil & Gas. “The solutions developed by this
alliance will take on even more industry significance given Chevron’s
proven leadership in being first to field-test and deploy new technology
This partnership builds upon an ongoing collaboration between Chevron
and GE developing the GE Safire™ flow meter, now being tested and
deployed on Chevron land-based well production lines in the western U.S.
In addition to the flow metering collaboration, which is being conducted
with the Measurement & Control business within GE Oil & Gas, the
Alliance is also managing a coatings project and will be taking on
additional high-value projects in the near future.
The Alliance provides a mechanism for commercializing early stage
technologies from Chevron, GE or other technology partnerships. For
example, GE flow meter products will be developed incorporating the
Swept Frequency Acoustic Interferometry (SFAI) metering technology
incubated in an alliance between Chevron and Los Alamos National
“Los Alamos develops unique technologies and these can have powerful
applications for U.S. industry,” said Duncan McBranch, chief technology
officer for Los Alamos National Laboratory. “Strategic partnerships with
industry allow us to accelerate breakthrough innovation in these areas.
As the alliance demonstrates, national laboratories can serve an
important role in connecting different industry partners to strengthen
the U.S. innovation landscape.”
Chevron is one of the world’s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company’s success is
driven by the ingenuity and commitment of its employees and their
application of the most innovative technologies in the world. Chevron is
involved in virtually every facet of the energy industry. The company
explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; manufactures and sells petrochemical products; generates power
and produces geothermal energy; provides energy efficiency solutions;
and develops the energy resources of the future, including biofuels.
Chevron is based in San Ramon, Calif. More information about Chevron is
available at www.chevron.com.
Cautionary Statements Relevant to Forward-Looking Information for
the Purpose of "Safe Harbor" Provisions of the Private Securities
Litigation Reform Act of 1995
Some of the items discussed in this press release are forward-looking
statements about Chevron's activities in the United States. Words such
as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,”
"projects," "believes," “seeks,” “schedules,” “estimates,” “budgets,”
“outlook” and similar expressions are intended to identify such
forward-looking statements. The statements are based upon management's
current expectations, estimates and projections; are not guarantees of
future performance; and are subject to certain risks, uncertainties and
other factors, many of which are beyond the company's control and are
difficult to predict. Among the important factors that could cause
actual results to differ materially from those in the forward-looking
statements are changes in prices of, demand for and supply of crude oil
and natural gas; actions of competitors; the inability or failure of the
company’s joint-venture partners to fund their share of operations and
development activities; the potential failure to achieve expected net
production from existing and future crude oil and natural gas
development projects; potential delays in the development, construction
or start-up of planned projects; the potential disruption or
interruption of the company’s net production or manufacturing facilities
or delivery/transportation networks due to war, accidents, political
events, civil unrest, or severe weather; government-mandated sales,
divestitures, recapitalizations, industry-specific taxes and changes in
fiscal terms or restrictions on scope of company operations; foreign
currency movements compared with the U.S. dollar; and general economic
and political conditions. The reader should not place undue reliance on
these forward-looking statements, which speak only as of the date of
this press release. Unless legally required, Chevron undertakes no
obligation to update publicly any forward-looking statements, whether as
a result of new information, future events or otherwise.
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