GE’s New Big Energy Venture

General Electric (NYSE:GE) is going to global research center in Oklahoma in order to take advantage of some of the state’s rich natural gas and oil resources.

The center is going to employ at least 125 people, and Governor Fallin stated that they are the, “kind of jobs we want to attract to Oklahoma.” The jobs will be high-tech engineering jobs. Fallin also called the center “a game-changer for our state” and that getting the center was the result of “a highly competitive process.”

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This center is the company’s eighth, but the first sector specific one. The company’s other centers are in New York, Michigan, India, California, Germany, China, and Brazil. The research centers are the hub for all the technology development for all of the company’s businesses.

GE’s CEO Jeff Immelet said that this location was chosen for the research center because of its proximity to the company’s customers. Additionally, the company hopes to make use of the highly skilled workforce in the region.  Oklahoma does rank fourth in the nation for natural gas production and fifth in crude oil production.

Furthermore, Oklahoma City is home to a number of gas and oil producers including Continental Resources, Chesapeake Energy Corp., and Devon Energy Corp. Oklahoma is also an attractive site due to a $3 million economic development closing fund.

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GE is one of the country’s fastest growing companies, and it is involved in a variety of technology including subsea drilling, remote monitoring and diagnostics, turbomachinery, and pressure control. This new center means new jobs for Oklahoma as well as benefits for GE and the economy.

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