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Oilfield services giant, BHGE secured Saudi Aramco’s first large-scope integrated services contract for the Marjan oilfield. The largest upstream development project this year, Marijan is first in the line of three major offshore expansions in Saudi Arabia. The scope of the contract includes drilling services, coiled tubing services and drilling fluids engineering services in Marjan. BHGE will deploy logging-while-drilling, reservoir navigation services, and rotary steerable services on the field.
US oil firms added oil rigs for the second time in the last three weeks since June due to pipeline constraints in the country’s biggest oilfield. Oil companies added 7 oil rigs in the week that ended on Sept. 14, the biggest weekly increase in a month. The total rig count reached 867, oilfield services giant BHGE said in its report on Friday.
SOCAR Turkey Energy AS has awarded a contract to oilfield services giant, Baker Hughes to deploy its proprietary Asset Performance Management (APM) software at SOCAR’s refining and petrochemical complexes in Turkey. The contract has come as part of an asset management system establishment and implementation project at the complexes. BHGE will carry out the contract with cooperation with Flour Corporation.
Successfully executing its offshore expansion plan, Saudi Aramco has awarded a contract to Baker Hughes, a GE company for its Marjan oilfield on Tuesday. It is the very first large-scope integrated services contract. The scope of this contract involves coiled tubing services, drilling fluids engineering services, and drilling services in the field. CEO of BHGE said that this procurement reflects the company’s “strong performance track-record in Saudi offshore operations.”
Oil and gas industry has been gifted with another important innovation, Permanent Magnet Motor (PMM) by BHGE. It will facilitate the operators to upsurge the efficiency of ESP system, which in turn will reduce the power requirements and hence, overall cost will be lifted. Also, PMM will deliver higher power density and same level of horsepower can be achieved by operators with the use of smaller motor.
Norwegian energy giant, Equinor awarded a 3-year extension to BHGE for the subsea services frame agreement on the Norwegian Continental Shelf. BHGE and Equinor have a 40-year old collaboration history, and the contract extension is a manifestation of the trust between the firms. BHGE will keep providing the support for several installations including Troll, Snorre B and Tordis/Vigdis. BHGE will provide services support locally from its Stavanger facility.
Vedanta’s Cairn Oil and Gas has awarded the oilfield development contract for Mangala, Bhagyam and Aishwarya (MBA) fields to leading oilfield services provider, BHGE. The service provider will support Cairn with advanced technology solutions to deliver an integrated scope of oilfield services and equipment. The scope of the contract also involves the construction of 300 new wells and deployment of a chemical EOR programme.
Leading oilfield service provider, BHGE received a flare gas recovery contract for the Nassiriya and Al Gharraf oilfields in Iraq. The contract was awarded by the South Gas Company of Iraq (SGC). The GE Company will deploy advanced modular gas processing (NGL) technology to provide solutions for recovering flare gas at Nassiriya and Al Gharraf oilfields. The project is estimated to be delivered by 2021.
Leading oilfield services provider, BHGE announced its second-quarter earnings reporting an overall revenue increment of 2.4% to $5.55 billion. Revenue from its oilfield equipment dropped down by 9.4% to $617 million, while its shares have climbed by 2.4%. Driven by stronger activity in North America, revenue in oilfield services added 14% year over year to approximately $2.9 billion.
The world was expecting that GE and Baker Hughes collaboration in expertise and experience would bring about a digital revolution in oilfields across the globe. Not a year has gone by and GE has announced its exit from the deal. The background is fraught with cultural conflicts, ill management, and slipping market share. “I recognize that this moment is bittersweet for some, welcomed perhaps by others,” says BH GE CEO.
POSCO DAEWOO Corp. has handed a contract relating to phase two of the Shwe gas field development, offshore Western Myanmar, to McDermott International, Inc. and BHGE. The McDermott-led consortium won a FEED competition in 2017 followed by the execution of EPCIC tender, leading to the award of this project. The scope of EPCIC covers subsea umbilicals, risers, and flowlines (SURF) and subsea production systems (SPS) for an eight-subsea-well development.
Boston-based General Electric (GE), on Tuesday, revealed plans of farming out all of its 62.5% stakes in Bake Hughes (BH) over the next three years. The management at GE believes that the separation would provide BHGE with enhanced agility and the ability to focus on leading in the oil and gas industry. Apart from BHGE, GE healthcare would become a standalone company.
W&T Offshore and Baker Hughes, a GE company (BHGE), have come together in a strategic partnership for 14 drilling projects, most of which are operated by W&T in the Gulf of Mexico (GOM). The idea is to utilize the BHGE’s expertise in engineering, products and services to reduce total project costs and time, consequently enhancing the execution efficiency.