GE talks turbines & innovation, announces over $1 billion in deals at Oil & Gas summit in Florence, Italy

Florence plays an annual host to the GE Oil & Gas summit, which kicked off this morning. The meeting gives hundreds of global industry leaders and technology experts a place to share and debate ideas such as deep water exploration, new oil recovery methods and other complex challenges facing the industry. GE used the first day of the meeting to announce a series of deals, including a $1 billion contract to supply subsea equipment and services to Ichtys, a massive liquefied natural gas facility (LNG) run by INPEX Corporation and Total in Western Australia. GE also said that it developed a MicroLNG plant, which can produce liquefied natural gas in small batches of just 150,000 gallons per day. Unlike Ichtys or other large export-oriented LNG plants, this ecomagination-qualified technology can produce LNG locally as an alternative fuel source for heavy duty trucks and off-road vehicles.