GE Oil & Gas has signed an agreement with Norway-based Statoil to provide subsea equipment and services on global field projects.

The new projects would enable GE to continue to support its value creation in a low oil price environment.

Valid globally until 2025, the agreement will form the basis for potential new contracts for subsea equipment, as well as services on new projects and field developments.

"In today’s oil price environment, sustained focus on costs and efficiency will ultimately be the key to develop several currently marginal prospects and discoveries."

GE Oil & Gas in Norway managing director Tom Huuse said: "We are pleased to have secured an agreement with Statoil that paves the way for further and deeper collaboration between the companies within the subsea segment in the next decade."

Recently, the company provided subsea production system equipment for Statoil’s Snøhvit gas field in the Barents Sea.

GE said in a statement: "In today’s oil price environment, sustained focus on costs and efficiency will ultimately be the key to develop several currently marginal prospects and discoveries."

In February 2016, GE launched a joint industry project (JIP) with Statoil, Total, and two other operators to develop a new subsea boosting system.

The modular contra-rotating pump (MCP) is capable of reducing lifecycle costs by up to 30%, and also improves operational flexibility for operators.

In addition, the system uses technology from the GE Aviation business, helping unlock and access more oil in new and mature wells conveniently by reducing the topside and subsea footprint by up to 50%.