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Oklahoma does not offer a state research credit.

Click here to find out if you qualify for the federal research credit.

Swanson Reed in Oklahoma provides R&D tax credit consulting and advisory services to Oklahoma City, Tulsa, Norman, Broken Arrow, Lawton, Edmond, Moore, Midwest City, Enid, Stillwater, Muskogee, Bartlesville, Owasso, Shawnee, Yukon, Ardmore, Ponca City, Bixby, Duncan and Del City.

Feel free to book a quick teleconference with one of R&D tax specialists at a time that is convient for you, if you would like to learn more about R&D tax credit opportunities.

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GE opens oil and gas R&D center in Oklahoma

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Two test wells drilled deep underground and a well simulation towering five stories above, highlight the advanced research capabilities of GE’s Oil and Gas Technology Center.

GE have opened their oil and gas technology center in Oklahoma City, which is expected to become the central hub for the company’s scientists and engineers to collaborate with the oil and gas industry on digital and hardware solutions and advancements. The center consists of five stories and 125,000 sq ft of lab and office space, suitable for 230 employees.

The facility is designed to advance technology throughout the oil and natural gas industry, and is the company’s 10th worldwide research center, however, the first to specialize in one area.

GE’s CEO, Lorenzo Simonelli, says the research focus at the center will span across all areas of oil and gas such as; production solutions and well construction systems, oilfield facilities and systems, and reservoir performers. Simonelli believes a strong commitment to R&D will help the oil and gas customers find new efficiencies to work through tough market conditions and lead to transformational opportunities for the industry to thrive long term.

“This is a unique center from a global perspective and the plan is to be at the forefront and take the industry forward through applied technology,” Simonelli said. “Unconventional oil and gas drilling is taking place in other parts of the world. There is an opportunity to bring them in here to study and learn with others in the industry. This is going to provide the ability for commercialization of new technology and a new approach at a faster pace.”

The new technology center will accelerate innovation, the center will enable the full power of digital solutions and technology from across GE’s industrial businesses to advance the oil and gas industry.

While the oil and natural gas industry has used improved technology over the past decade to unlock vast amounts of oil and natural gas, the industry remains inefficient, said Mike Ming, general manager of the research facility. The new technology outcomes from this center will solve this issue by utilizing reserves in cost-effective and environmentally friendly ways and subsequently attracting companies from across the nation and around the world.

An innovative creation which has already been developed at the technology center is ‘Raven’ the prototype drone, engineered to detect emissions precisely and cost-effectively. ‘Raven’ has already been successfully piloted and was able to detect emissions from oilfield equipment at well sites in Arkansas. ‘Raven’ is one of many exciting developments to be produced from Oklahoma’s new research center.

To find out whether your company could qualify for the Federal Research Credit, Contact a Swanson Reed specialist.

Oklahoma Company Turns Towards Innovation and R&D to Help Boost Business

Oil drilling

Oklahoma City-based oil-field manufacturer Kimray Inc. has begun an R&D project to upgrade its signature valves and other equipment to run on electricity instead of methane or compressed air.

“It’s just going to evolve. I hope we don’t ever have a timeline to when it will be finished,” said Mark Anderson, Kimray’s product support manager. “As technology improves, the things we’re able to do it will just keep going.”

The new design will further reduce emissions and give operators more control of their equipment remotely which will decrease the need for travel. Remote operation is also less expensive and safer.

“If you’re in the energy industry any length of time, you’re going to have people talk about safety,” Anderson said. “The most dangerous thing we do is drive. It’s not the pressure. It’s not the work. It’s driving to and from locations. If we can keep people off the road to make changes and monitor leaks, it will also reduce our environmental impact. That’s a key thing to what we’re doing.”

Kimray is proof that innovation isn’t slowing down with the downturn of the oil and gas industry.

“The downturn actually helped us to know we were on the right track, heading in the right direction,” Anderson said. “It motivated us to get things done and speed things up.”

Many other oil and gas companies are following in Kimray’s footsteps and looking towards innovation and R&D to keep things afloat.

The Oklahoma R&D tax credit is available for those companies conducting R&D within the state. To find out if your company is eligible, please contact a Swanson Reed specialist for further information.