MOSCOW – Rosneft and General Electric have signed an agreement to form a series of joint ventures.
Under a first phase they would establish two specialized centers.
The Application and Engineering Center will focus on development of Rosneft projects through the application of GE Oil & Gas products and technologies.
Goals include concept selection and support for front-end engineering and design (FEED) work for oil and gas projects, and providing training on application engineering and other technical topics to enhance the capabilities of Rosneft engineers and technical managers.
The center’s focus will be on the development of gas sales solutions such as LNG and CNG, power generation, production enhancement including artificial offshore lift technologies, and subsea equipment.
Priorities of the Research and Development (R&D) Center will be gas monetization activities, including GTL technologies and new polymers; offshore and subsea projects, including development of low temperature materials; and production enhancement.
Rosneft and General Electric will initially contribute $20 million to the two centers, with additional financing of up to $50 million to follow for specified projects. Between now 2020 the partners aim to jointly invest up to $400 million in the centers.
One of Rosneft’s goals is to enhance itsArctic and offshore shelf projects by implementing the most advanced and safe technologies.