TULSA — Carbon dioxide presents a “huge” opportunity for the oil and natural gas industry, the general manager of General Electric’s first industry-specific research center said Tuesday.
It has the potential to triple domestic oil production from enhanced recovery operations if the supply of available carbon dioxide doubled, combined with continued advances in technology, said Oil and Gas Technology Center General Manager Michael Ming. He spoke to a packed house at Tuesday’s lunch for the 2014 Improved Oil Recovery Symposium.
He said GE could help make that happen by capitalizing on the synergy between oil and gas production, electricity generation and carbon dioxide capture. The technology giant is involved in all three businesses.
Ming said GE is poised to bolster its position in the oil and gas industry with next summer’s opening of its research center in Oklahoma City. The company already is involved in all aspects of the industry, with 43,000 employees in 120 countries and revenues approaching $20 billion a year.
He said the research center will incorporate technology from GE’s other core businesses to improve oil and gas operations by focusing on commercialization opportunities.
“It’s not an ivory tower lab,” Ming said.