GE OIL & GAS will provide subsea services on Chevron Australia’s natural gas assets off the northwest coast of Western Australia as part of a Long Term Service Agreement signed in September.

As part of the agreement GE will supply a range of services including project management, inventory storage, preventative maintenance and obsolescence management.

In addition, services on demand will include engineering analysis, field services, rental tooling, corrective maintenance, wellheads, spare equipment and training.

GE said the agreement expands its services footprint for oil and gas projects in the region, with a focus on industrial internet offerings.

GE regional director Mary Hackett said the company was proud to expand its relationship with Chevron and to provide services that will support operational efficiency and productivity.

“Lower commodity prices and continued market volatility present an opportunity for businesses to invest in technology to help them get the most out of their assets. We are seeing this trend play out across the sector,” Ms Hackett said.

GE president and chief executive Lorenzo Simonelli said given the difficulties the resources industry is currently facing there is a need for innovative solutions to extracting, transporting and processing oil and gas,

“The needs are multiple and competing: faster, cheaper, local, predictable, more efficient, less resource intensive.”

“Most oil and gas sector companies are looking for fresh ways to tackle these challenges, and many are turning to technology,” he said.

Ms Hackett the agreement represents GE’s commitment to the oil and gas sector in Australia, in particular Western Australia.