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Industry giant GE invests billions in fracking boom


Published: Tue, May 28, 2013 @ 12:00 a.m.

Associated Press

PITTSBURGH

One of America’s corporate giants is investing billions of dollars in the new boom of oil and gas drilling, or fracking. General Electric Co. is opening a new laboratory in Oklahoma, buying up related companies and placing a big bet that cutting-edge science will improve profits for clients and reduce the environmental and health effects of the boom.

“We like the oil and gas base because we see the need for resources for a long time to come,” said Mark Little, a senior vice president. He said GE did “almost nothing” in oil and gas just over a decade ago but has invested more than $15 billion in the past few years.

GE doesn’t drill wells or produce oil or gas, but Little said the complexity of the fracking boom plays into the company’s strengths. Wells are being drilled horizontally at great depths in a variety of formations all around the country, and that means each location may require different techniques.

There also are big differences in how surrounding communities view the boom. There’s been little controversy in traditional oil and gas states such as Oklahoma, but nearby landowners in Pennsylvania, Colorado and other states have complained of environmental and health effects.

“My own view is that things can be managed,” Little said of concerns about drilling, adding they need to be managed carefully. He drew a parallel to GE’s work with the aircraft industry, since many decades ago, flying was considered a risky business, but the industry evolved so that even as the speed, distance and number of flights increased, overall safety improved greatly.

Little also pointed out that GE has significant experience in wind energy, solar, and in nuclear power. “I think the world needs all of these kinds of systems,” Little said.

One environmentalist welcomed the news.

“It’s exciting to see. I think it is a positive response to legitimate public concerns about the environmental impacts” of the fracking boom, said Michael Shellenberger, one of the founders of Oakland’s Breakthrough Institute. He added that other companies are working to reduce and clean up wastewater, use more-benign fracking methods and reduce air pollution related to drilling.

“It’s the kind of continuous improvement of technologies that’s needed,” Shellenberger said.

Little said the GE strategy ultimately comes down to looking at “minds and machines together.” For example, they have devices that literally can be put down into a well to give people on the surface information about exactly what’s happening a mile or two below ground.


Comments

1oh13voter(1205 comments)posted 1 year, 3 months ago

GE has so much money to waste they decided to put billions of it in an industry that holds no future.
Exxon, Chevron, Chesapeake, and other major players invest hundreds of millions of dollars all across the U.S., including Ohio, in shale plays that have no future.

Kinna puts a dent in the anti shale devlopment belief that shale development is a bust.

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