Monday 22 July 2024
 
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Baker Hughes wins multi-year contract to boost Azeri well productivity

BAKU (Azerbaijan), 29 days ago

Baker Hughes, an energy technology company, has been awarded a multi-year contract by the State Oil Company of Azerbaijan Republic (Socar) to deploy its electric submersible pump (ESP) technology and automated field production software solution, Leucipa, to boost the efficiency of its mature oil and gas assets. 
 
The first 50 of more than 150 ESPs are expected to arrive this year, said Baker Hughes in a statement. 
 
The combined offering will provide increased optimization across Socar’s oilfield operations with expected efficiencies significantly reducing the number of workovers, it stated.
 
"Baker Hughes and Socar have long worked together to employ innovative approaches to the oil and gas industry in the Caspian," stated its CEO and Chairman Lorenzo Simonelli after siging the deal with Socar President Rovshan Najaf a key ceremony held in Baku in the presence of senior officials.
 
"Technology remains essential to achieve sustainable energy development, and our proven production solutions generate shorter-cycle, lower-cost and lower-carbon barrels for our customer," he noted.
 
According to him, the project will also have a significant local impact as it will increase in-country manufacturing and training.
 
The two companies will establish a joint center of excellence that will have the capability to manufacture, assemble, repair and maintain the ESPs. Baker Hughes will also invest in local workforce training initiatives, he added.-TradeArabia News Service



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