GE & Statoil to fuel the future of the industry
Join GE & Statoil to discover an ambitious new collaboration to accelerate the development of more environmentally and economically sustainable energy solutions.
Collaboration Leading to a brighter future
The Challenge of Global Energy Production
Energy is a fundamental need – powering lives and driving economies. In recent years, there has been increased awareness of the impact that energy production activities have on the environment. Simultaneously, energy demand globally is growing, requiring greater efficiencies and consideration of new energy sources. With the proven ability to innovate, GE Oil & Gas and Statoil have an opportunity to lead the industry charge for more responsible, efficient energy production.
In its initial stage, the collaboration will work on developing low-cost, reduced carbon solutions within both conventional and unconventional operations. Initial estimates show that the successful execution of the first five projects could result in significant combined CO2 savings. The Last Mile Fueling solution in the Williston Basin in North Dakota has the potential to reduce the equivalent of 120,000 – 200,000 tons per year of CO2 emissions through reduced diesel fuel usage. While the other projects being developed hold a potential for similar, or even larger, reductions. Additionally, the collaboration aims to reduce water usage and emissions of fugitive methane and NOX, while increasing efficiencies in oil and gas production.
GE and Statoil Launch Second Open Innovation Challenge – Focused on Water Reduction and Reuse
In the spirit of this collaboration, GE and Statoil are launching a second global Open innovation Challenge. Knowing that great ideas can be conceptualized outside of our own companies, the Challenge will invite innovators, institutions and companies—large and small—to co-develop potential solutions to make energy production more sustainable.
The second Open Innovation Challenge will focus on water usage in the development of onshore unconventional oil and gas reservoirs. Through crowd sourcing, the challenge seeks to find innovative solutions for both reducing fresh water usage and treating and reusing water from development activities—while maintaining or improving productivity. GE Oil & Gas and Statoil will help fund the commercial development of winning approaches.
Subject to Official Rules http://bit.ly/1UssgHU. Must submit at least one Entry by 5 pm ET on September 24, 2015 to be eligible. Must be 18 years of age or older to participate. Free NineSigma account and internet access required. No purchase necessary. Void where prohibited. Up to 5 cash prizes available (USD $25,000 each) plus up to 5 grant awards (from USD $375,000 Total Grant Pool). Grants subject to agreed-upon business relationship and other conditions. Winning depends on Entrant’s skills in meeting judging criteria. Sponsors reserve right not to award all prizes depending on quality of Entries received.