GE (NYSE:GE) today announced the selection of a site in Downtown Oklahoma City for the company's first-ever Global Research Center dedicated to Oil & Gas technology. GE's new Center will create 130 high-tech jobs and is expected to have a direct and indirect economic impact of $13 million on the state and local economies. GE has invested approximately $14 billion in its Oil & Gas business globally since 2007; this new Center represents yet another example of GE's commitment to building broad technical capabilities that can deliver productivity gains and foster innovation for its Oil & Gas customers and the industry.
The new Center will be located on a site at 10th and Walnut Avenue, near downtown Oklahoma City. Michael Ming, General Manager of GE's new Center, will speak about the new site during a speech before the Greater Oklahoma City Chamber of Commerce's Friday Forum. Ming will be joined by GE's Chief Technology Officer, Mark Little, Oklahoma City Mayor Mick Cornett and a host of other State, local and university leaders.
Ming said, "New technological breakthroughs in Oil & Gas are transforming the world's energy landscape in ways unimagined just a decade ago. The new Center's close proximity to many of our customers and the State's great university network and engineering talent will allow us to accelerate the development of new technologies. Governor Fallin, Mayor Cornett, the Oklahoma City Urban Renewal Association, local business and community leaders have provided immeasurable support for the Center, a vital ingredient in the selection of today's site."
The Center will focus on accelerating mid- to later-stage Oil & Gas technologies developed in GE's Global Research labs, including production systems, well construction, water use optimization, CO2 solutions, and energy systems.
Oklahoma Governor Mary Fallin said, "In April, we celebrated news of GE's decision to invest and establish their Oil & Gas R&D center in our great State. Today, we mark another milestone that shows how this vision is quickly becoming a reality. GE's new Oil & Gas Technology Center will not only make a great addition to the Oklahoma City skyline, it will be a beacon for attracting international attention from Oil & Gas partners around the world who value GE's technology excellence in the energy sector. By establishing such strong research and development roots, we are planting new seeds of growth that will lead to more jobs and more economic activity for Oklahomans."
Intended to be a collaboration hub for both domestic and global customers, the Center will attract oil & gas industry influencers from all around the globe. The Center will also serve as a focal point for building new working relationships with State's great university network, including the University of Oklahoma, Oklahoma State University and University of Tulsa.
Oklahoma City Mayor Mick Cornett said, "We are thrilled that GE has chosen to build its new Oil & Gas Technology Center here. We have worked hard to make the City a place where companies want to locate and grow their operations. Drawing one of the world's largest industrial companies with such a strong global customer base and rich heritage of innovation builds on the tremendous progress we have made in attracting new investments and jobs to our City. GE's technology presence will provide a major boost for our local economy."
Construction on the 95,000 sq. ft. facility will begin in the spring of 2014, with the building expected to be completed and operational in 2015. Miles Associates, a local architectural and design firm in Oklahoma City, has been selected to lead the design of GE's new Oil & Gas Technology Center. In the interim, GE is leasing temporary office space in the City Place Tower in downtown Oklahoma City. Final negotiations are progressing with the Oklahoma City Urban Renewal Association (OCURA) on the property and are expected to be completed later this month.
