GE, Statoil Join Forces for Unconventional Oil, Gas

US-headquartered General Electric (GE) and Norway’s Statoil are joining forces to increase efficiency and sustainability of onshore unconventional projects. 

‘GE and Statoil’s Sustainability Collaboration has launched the call for entries for its second Open Innovation Challenge focusing on water usage in the development of onshore unconventional oil and gas reservoirs’ reads a note released by Statoil on Tuesday. 

The initiative is aimed at reducing water usage, treating and reusing water from developments. 

“This collaboration with Statoil is centered on both our companies’ commitment to continued investment in technology and innovation to help develop low-cost and more efficient energy solutions. We recognize that great ideas transcend any one company or geography, which is why we’ve launched this open innovation challenge,” Eric Gebhardt, chief technology officer, GE Oil and Gas, commented. 

In this second challenge, up to five winning entries will win a prize of $25,000 USD each and the opportunity to be eligible to receive additional funding from an available discretionary prize pool of $375,000 USD in development funds.

Over the last weeks, several companies announced common initiatives to cut costs and promote technology. The main focus of the European industry remains on LNG.