Oklahoma City to Be Home to General Electric Oil and Gas Technology Center

General Electric (NYSE: GE  ) announced today its selection of an Oklahoma City site for its first-ever Global Research Center dedicated to oil and gas technology. The center will create 130 high-tech jobs and generate $13 million annually in economic impact for state and local economies, according to the company. It also further strengthens General Electric's hand in its oil and gas business, which is building on $14 billion in recent investments.

Construction is scheduled to begin in the spring of 2014 and the 95,000-square-foot facility is to be operational in 2015. According to General Electric, the center will focus on accelerating mid- to later-stage oil and gas technologies developed in its Global Research Labs, including well construction, water-use optimization, CO2 solutions, and energy systems.

The opening of its research center in Oklahoma City emphasizes General Electric's commitment to building broad technical capabilities that will help the company achieve better operating efficiency, productivity gains, and a sharper focus on innovation -- all music to investors' ears.

Michael Ming, general manager of GE's new center, had this to say in a company press release. "New technological breakthroughs in Oil & Gas are transforming the world's energy landscape in ways unimagined just a decade ago. The new Center's close proximity to many of our customers and the State's great university network and engineering talent will allow us to accelerate the development of new technologies." 

Read/Post Comments (0) | Recommend This Article (3)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2755613, ~/Articles/ArticleHandler.aspx, 7/23/2014 12:21:07 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

TREND TRACKER: Get Rich When the Web Goes Dark

It's time to say "goodbye" to your Internet! One bleeding-edge technology is about to put the World Wide Web to bed. And if you act right away, it could make you wildly rich. Experts are calling it the single largest business opportunity in the history of capitalism… The Economist is calling it "transformative"... but you'll probably just call it "how I made my millions." Big money is already on the move. Don't be too late to the party – find out the 1 stock to own when the Web goes dark.