GE 2007 Annual Report Download - page 17

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ge 2007 annual report 15ge 2007 annual report 15GE’s technology on an ExxonMobil-affi liated platform off the coast of Angola
theme 1
Everywhere in the world, the demand
for infrastructure technology is
rising — even in some of the most
unexpected places.
Investment in global infrastructure technology is projected to be
$10 –$15 trillion by 2015 to support major energy, water,
transportation, and healthcare projects. While renewable energy
technologies will continue to grow, oil and gas will remain
a signifi cant source of energy. In 2008, the world will use a
projected 90 million barrels of oil a day with over 35% of
production coming from subsea sources.
GE’s acquisition of Vetco Gray positions us to capitalize on nearly
$50 billion of new oil opportunities in the next few years,
accelerating an already fast-growth business. By combining
Vetco Gray’s subsea expertise with GE’s technology and fi nancial
resources, we are now positioned to bid on much bigger and more
complex production opportunities — both on land and off-shore.
In deepwater environments, GE provides vital technology including
subsea valves and controls, electrical power distribution, and
compression equipment.
Operating profi t
is up 58%
in GE’s Oil & Gas
business year
over year. The busi-
ness’s projected
revenue goal is
$10 billion by 2010.
With the fl ow
A Vetco Gray valve
system operates on
a deepwater platform,
directing and control-
ling the fl ow
of fl uids from the
well to the platform.
ADDITIONAL OIL PRODUCTION
(Growth from 2005–2010)
A. On-shore 32%
B. Off-shore
shallow water 32%
C. Off-shore
deepwater 25%
D. Oil 11%