The joint technology co-operation agreement is anticipated to comprise projects within the areas of subsea development, effective and efficient power generation and environment, climate change and renewable energy.

In addition, both the firms intend to share experiences and best practices related to innovation and R&D.

GE Oil & Gas supplies compression, re-injection and power generation equipment for several of StatoilHydro’s offshore production platforms and liquefied natural gas and methanol plants, as well as extensive equipment for deepwater oil and gas production including conductors, production trees and multibowl wellhead systems.

Claudi Santiago, president and CEO of GE Oil & Gas, said: Both GE and StatoilHydro are investing considerable resources in R&D for new technologies that will be able to face the ever-increasing challenges of oil and gas exploration and production.