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GE to Up Energy Spending to Aid Drilling Boom

General Electric Co (NYSE:GE) plans to intensify research focusing on complex energy projects such as waterless fracking and gas turbine efficiency by earmarking an additional $10 billion through 2020 for its "ecoimagination" budget.The commitment, which represents roughly two years' research spending for the manufacturing giant, comes as General Electric responds to new opportunities created by the U.S. energy boom."The reserves are here. The potential is here," Chief Executive Jeff Immelt said on Monday, describing how new drilling technologies have unlocked vast oil and gas reserves.Energy companies need help reaching fossil fuels but also bringing them to markets and GE can offer that know-how, the executive said."There's just technical intensity that is going into these industries," he said at a Bloomberg energy event in Washington.Hydraulic fracturing, or fracking, has revolutionized energy development but the technique requires huge volumes of water to rattle oil and gas from de...

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  1. Statoil Sells Certain Nordic Oil Fields for $2.6B

    Statoil (NYSE:STO) inked a deal on Monday to sell its minority interests in certain oil fields and other new discoveries on the Norwegian continental shelf for $2.6 ...

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    The European Union probe into potential energy-price manipulation has made no adverse findings against Royal Dutch Shell PLC (RDSB.LN), the company's chief executive...

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