MOSCOW – GE (NYSE:GE) and OJSC Rosneft have signed a memorandum of understanding (MOU) to jointly evaluate and develop commercial opportunities in oil and gas exploration and production in the Russian Federation.
The MOU was signed by John Krenicki, GE vice chairman, president, and CEO of GE Energy; and Igor Sechin, president of Rosneft.
GE Oil & Gas technologies will assist Rosneft in improving efficiency and yields in its oil and gas exploration and recovery operations. The partners will also pursue joint development, manufacture, and selling of equipment for use in Russia’s oil and gas industry.
The two companies will form a joint working group to identify potential for short- and long-term opportunities, including equipment for Arctic offshore field development, gas monetization technologies, enhanced oil recovery, and difficult reserves development.