US and Russian firms to work together on exploration and production in Russia

The partnership will focus on exploration and production

A US firm is to work with Russian petroleum leader on oil and gas exploration and production in the Russian federation. US’s General Electric and Russia’s Rosneft have signed a memorandum of understanding forming a strategic, cooperative relationship. 

GE says the agreement aims to leverage GE Oil & Gas technologies to help Rosneft improve efficiency and yields in its operations, and to explore opportunities to jointly develop, manufacture and sell equipment for use in Russia’s oil and gas industry. In particular GE and Rosneft will focus on Arctic offshore field development, gas monetisation technologies, enhanced oil recovery and difficult reserve development.

John Krenicki, GE vice chairman and president and CEO of GE Energy, said: “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. GE Oil & Gas has developed a comprehensive portfolio that we believe can meet the challenges of the unique Russian oil and gas environment.”

An agreement was also signed for GE to supply five 6 FA high-efficiency gas-turbine packaged units for Rosneft’s petrochemical complex in the Primorski Krai.