OKLAHOMA CITY (AP) — General Electric Co. plans to spend $110 million on a new global research center in the Oklahoma City area that will create 125 new engineering jobs, Gov. Mary Fallin and GE Chairman and CEO Jeff Immelt said Wednesday.
The center represents GE's longstanding commitment to technological innovation and will work toward advancements in the oil and natural gas fields that will help bring products to market faster, Immelt said.
"Technology is one of the key threads that holds us together," Immelt said. Since 2007, the Connecticut-based company has invested $11 billion on various technical capabilities to increase productivity and innovation for its customers, he said.
"Unconventional resources, and shale gas in particular, may be one of the biggest productivity drivers of our lifetime," Immelt said. "At GE, we see a tremendous opportunity in the oil and gas space."
Athough the center will initially focus on unconventional fuels, the scope of its work as well as its workforce is expected to grow, Immelt said. The center will employ workers skilled in mechanical and electrical operations as well as systems and software engineering.
Fallin called GE's decision "a game-changer for our state" that was the culmination of "a highly competitive process." Officials said the governor invested $3 million from a quick-action economic development closing fund to help lure GE's research center to Oklahoma.
"This is a big deal," the governor said. "Oklahoma has had a long and rich history in the energy sector." Oklahoma ranks fourth in the nation in natural gas production and fifth in crude oil, she said.
"Our state is nationally and even internationally recognized as a leader in energy and the home of a dynamic and robust economy," Fallin said. "Whether it's international powerhouses like GE or small businesses, Oklahoma is a fantastic place to locate and to invest in."
How to Profit From Fracking and Shale. Access Our Free Report Here.