OAO Rosneft and GE have signed a memorandum of understanding to jointly evaluate and develop commercial opportunities in oil and gas exploration and production in Russia.
The agreement calls for a collaboration in which GE Oil & Gas technologies will be used to help Rosneft improve efficiency and yields. The MOU also calls for the two companies to explore opportunities to jointly develop, manufacture, and sell equipment for use in Russia’s oil and gas industry.
GE and Rosneft plan to form a joint working group to identify short- and long–term opportunities, including equipment for Arctic offshore field development, enhanced oil recovery, and difficult reserve development.
GE Oil & Gas is based in Florence, Italy.