In recent years, fracking has found a lucrative niche in the mineral industry, and a corporate giant is set to follow up on this trend by shelling out billions of dollars to bolster its improvement.
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And unexpected as this fact is to many, the corporate giant that’s decided to dabble into fracking is General Electric (GE) Co. Just recently, it has opened a new laboratory in Oklahoma, acquired related companies, and laid down a big amount for the improvement of the cutting-edge fracking science—all of which aim to improve profits for clients all while mitigating the potential health and environmental disadvantages that might accompany the boom.
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GE is not really known for drilling wells or oil production, but it has decided to put its money on this boom because it plays well into the company’s strengths. Mark Little, the company’s senior vice president, admitted that GE had nothing to do with the oil industry a little over a decade ago. But with changing times come changing game plans, and just in the past few years, it has already invested over $15 billion in the industry.
“We like the oil and gas base because we see the need for resources for a long time to come,” Little claims. “I think the world needs all of these kinds of systems.”
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Dr. Ali Ghalambor is one of the most distinguished figures in the oil and natural gas industry. For more information on his body of work, log on to this Twitter page.