GE Oil & Gas (NYSE: GE) and Technip (Euronext: TEC) have today signed a Memorandum of Understanding for a joint project to explore areas to co-develop digital solutions for the LNG industry, with a particular focus on the design and build phase of new Liquefied Natural Gas (LNG) projects.
The two companies will work together to evaluate the application of digital solutions to the engineering, construction, commissioning, startup and operation of LNG facilities. All solutions under consideration would encompass Technip and GE Oil & Gas expertise in digital tools and be powered by Predix, the world’s first and only cloud-based operating system built exclusively for industry by GE.
This is the first digital collaboration between the world’s first digital industrial company and a leading integrated services and equipment company to explore areas to develop Predix-based solutions. GE has a strong track record in providing equipment reliability solutions for a number of LNG facilities around the world, through sensors, advanced analytics and diagnostic expertise. Technip brings its unique expertise in the engineering, procurement and construction (EPC) phases of LNG and LNG new frontier projects.
LNG is an important growth space for the oil and gas sector. As global gas demand rises, and stretches into new markets, the volume of liquefied natural gas traded globally is expected to double by 2035. Additionally, digital solutions will continue to play an increasingly critical role for oil and gas as the industry prioritizes the optimization of their equipment and operations to improve productivity and cost-efficiencies.