GE 2003 Annual Report Download - page 22

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ge 2003 annual ≥epo≥t 33
Putting growth in the pipeline
claudi santiago
ge ene≥gy, oil & gas
Oil & Gas, a unit of GE Energy, serves the vast networks of wells, pipelines and refineries that transform crude oil and natural gas
into fuel for the world’s infrastructure. Starting with the acquisition of Nuovo Pignone from the Italian government in 1994,
Oil & Gas has followed the pattern for a GE growth business: identify the high-growth segments of exploration and production,
transportation and processing; create new technology such as advanced turbomachinery and compressors for transporting liquid
natural gas; build a strong value-added service platform including pipeline inspection; expand globally, with operations in
42 countries; and expand the view of the industry to include new opportunities such as subsea exploration technology.
As a result, Oil & Gas has grown to $2.8 billion of revenues in 2003.