GE Oil & Gas partners with Iraqi Oil Ministry
Among the many objectives of the agreement, the two parties plan to set up Iraq's first Monitoring & Diagnostics Center that will enable real-time predictive maintenance, reduced downtime & improved operational efficiency of Iraq Ministry of Oil's fleet
GE Oil & Gas has signed a partnership agreement with the Iraqi Ministry of Oil that aims to strengthen the performance of the nation’s energy sector by providing advanced equipment, technology upgrades, maintenance of the Ministry’s fleet and ensuring knowledge transfer, skills development and local jobs.
The agreement aims to enhance the operational efficiency of all assets of the Ministry and promote the sustainable growth of the nation’s economy. It also envisages the setting up of the country’s first Monitoring & Diagnostics Center that will leverage GE’s Digital solutions.
The 24/7 center will take Big Data from sensors embedded in the Ministry’s equipment and with advanced software analytics will offer web-based solutions that enable predictive maintenance, reduced downtime and overall improved operational efficiency.
GE and the Iraq Ministry of Oil have agreed to partner on an end-to-end solution to reduce gas flaring in Iraq oil fields and use it for power generation. This solution could translate into more than 200 megawatts per site and recovery of several thousand barrels per day of liquefied petroleum gas (LPG).
In addition, GE Oil & Gas will partner with the Ministry of Oil to structure financing with the Iraq Ministry of Finance to support delivery of the projects under the Frame Agreement.
GE Oil & Gas will also work to create additional jobs for Iraqis, and build national human capital through advanced technical training and knowledge transfer. This builds on GE Oil & Gas’ existing capabilities in terms of people employed, shops, repair and services. GE has hired more than 200 Iraqi employees in the country over the past five years.
The partnership agreement was signed at the offices of the Iraqi Ministry of Oil at a ceremony attended by Fayadh Hassan Nima, Deputy Minister of Oil; Rami Qasem, president & CEO, GE Oil & Gas, Middle East, North Africa & Turkey; Aziz Koleilat, president & CEO, GE Iraq.
“The oil and gas sector serves as the backbone of the national economy and we are committed to strengthening it by leveraging the latest technologies. The Framework Agreement with GE Oil & Gas is planned to bring transformational growth to the industry by enhancing the operational efficiency of all our assets and boosting productivity,” Nima said.
Over the course of the agreement, GE Oil & Gas will work with the Iraqi Ministry of Oil to introduce its latest technologies to upgrade the Ministry’s assets that will contribute to the reliability and efficiency of the energy sector.
“The new GE-Iraq strategic plan further strengthens our long-term partnerships with the Ministry of Oil and with the country and builds on the great capabilities we have built-up in-country over many years. We are excited that the projects to be undertaken will support the national economy and the people of Iraq by enhancing skills within the energy sector, which contributes significantly to the national GDP,” Qasem said.