General Electric is helping Norway's Statoil ASA go green -- and make some green in the process.
On Thursday, GE announced that its Oil & Gas division has won a $147 million contract from Statoil to supply subsea production and injection equipment for Statoil's Snøhvit carbon dioxide (CO2) injection project. With this equipment, CO2 that comes out of a natural gas well and is separated from the gas will be sequestered, then pumped back into the well in order to force even more gas out. In this manner, GE's equipment can be used to both minimize CO2 gases being added to the atmosphere in the process of natural gas extraction (by forcing them back into the hole), and also maximize production from Statoil's gas wells.
GE says it will deliver the equipment to Statoil in Q2 2015.
The article GE Wins "Green" CO2 Contract From Statoil originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Statoil (ADR). The Motley Fool owns shares of General Electric Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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