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
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
1Q24 Dividends Declared in the Week of April 29
2024-05-03 - With earnings season in full swing, upstream and midstream companies are declaring quarterly dividends. Here is a selection of dividends announced in the past week.