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Jen Alic

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General Electric: Hot and Highly Diverse

With its tentacles in nearly a dozen different industries, General Electric should be on the radar of every serious investor. Its more recent deals in the Russian Far East for LNG and with Chevron in Africa and Australia to provide billions in subsea hydrocarbons equipment are the icing on the cake.

In October 2012, GE announced it would  help Chevron Corp. with its large subsea oil and gas field off the coast of Africa near the Congo River estuary by building 9 subsea control modules, seven subsea “trees”, and other technology valued at $165 million for the $2 billion project called Lianzi Field. GE plans to complete the first subsea tree for Lianzi within a year and Chevron expects to start pumping oil from the field in 2015.

GE will also provide Chevron with $1.8 billion in subsea machinery and services for its Gorgon Project in Northwest Australia, which is estimated to hold 40 trillion cubic feet of gas.

Earlier this month, GE secured a $333 million, 16-year service contract extension for Sakhalin-2, Russia’s Far East liquefied natural gas (LNG) project. Sakhalin-2 has an LNG production capacity of 9.6 million tons per year, most of which is exported to Korea and Japan.

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GE is also signed a memorandum of understanding with the local government of Sakhalin to develop power-generation projects to meet the island’s energy needs. The MOU includes everything from aero-derivative gas turbines, gas engines and coal gasification to wind power.

The service contract extension covers four GE Frame 7EA gas turbines that drive the process trains for Sakhalin's liquefied natural gas (LNG) plant--the first of its kind in Russia--and five GE Frame 5 gas turbines that are used for electricity production at the site.

GE stock is up almost 25% over last year, outperforming the S&P 500 index.

(For more about subsea opportunities, check out Oil & Energy Insider).

By. Jen Alic of Oilprice.com




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