CGG and Baker Hughes have signed a memorandum of understanding at this year’s Offshore Technology Conference to explore jointly offered carbon capture and sequestration (CCS) solutions, the companies said in a May 8 press release.
The proposed commercial alliance will provide fully integrated end-to-end solutions to select and monitor carbon storage sites.
The companies plan to combine complimentary skillsets across the CCS value chain, said Ahmed Eldemerdash, vice president of oilfield services and equipment, in the press release.
The alliance taps into what Peter Whiting, executive vice president of geoscience for CGG, called a “high-growth market.”
“CGG shares a strong commitment with Baker Hughes to actively support low-carbon markets with new technologies and business capabilities in carbon capture and storage,” Whiting said.
Recommended Reading
US Drillers Cut Oil, Gas Rigs for Third Week in a Row
2024-05-10 - Baker Hughes said oil rigs fell three to 496 this week, their lowest since November, while gas rigs rose one to 103.
EIA: Blame Associated Gas Volumes for Sticky Low NatGas Prices
2024-03-14 - Low natural gas prices are forcing U.S. producers to finally pump the brakes on what has been record production. But the pullback in drilling will have muted effects on a market already glutted with too much gas, federal experts say.
What's Affecting Oil Prices This Week? (May 6, 2024)
2024-05-06 - Stratas Advisors forecast that oil demand for 2024 will increase by 1.41 MMbbl/d in comparison to 2023 and that oil demand will increase by 810,000 bbl/d in comparison to 2Q23.
Oil Broadly Steady After Surprise US Crude Stock Drop
2024-03-21 - Stockpiles unexpectedly declined by 2 MMbbl to 445 MMbbl in the week ended March 15, as exports rose and refiners continued to increase activity.
US Leads Global Oil Production for Sixth Straight Year-EIA
2024-03-11 - The Energy Information Administration says it is unlikely that the record will be broken by another country in the near term.