GE Oil & Gas signs first of its kind deal with Iraq

GE Oil & Gas has signed a first-of-its-kind partnership agreement recently with the Iraqi Ministry of Oil that aims to strengthen the performance of the nation’s energy sector by providing advanced equipment, technology upgrades, and maintenance of the Ministry’s fleet and ensuring knowledge transfer, skills development and local jobs.

The agreement aims to enhance the operational efficiency of all assets of the Ministry and promote the sustainable growth of the nation’s economy. It also envisages the setting up of the country’s first Monitoring & Diagnostics Center that will leverage GE’s Digital solutions. The 24/7 center will take Big Data from sensors embedded in the Ministry’s equipment and with advanced software analyticswill offer web-based solutions that enable predictive maintenance, reduced downtime and overall improved operational efficiency. GE and Iraq Ministry of Oil have agreed to partner on an end-to-end solution to reduce gas flaring in Iraq oil fields and use it for power generation. This solution could translate into more than 200 Megawatts per site and recovery of several thousand barrels per day of liquefied petroleum gas.

In addition, GE Oil & Gas will partner with the Ministry of Oil to develop financing structures for its projects by tapping into its international knowledge and expertise in supporting major Oil & Gas projects around the world.

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