Posted by OilVoice Press - OilVoice
HOUSTON--(BUSINESS WIRE)--Apr. 30, 2018-- At Offshore Technology Conference (OTC) today, W&T Offshore Inc. (NYSE: WTI) and Baker Hughes, a GE company (NYSE: BHGE) announced a strategic partnership related to W&T's joint exploration and development program, which includes 14 drilling projects, most of which are operated by W&T in the Gulf of Mexico.
The project utilizes a commercial model that consolidates BHGE engineering, products and services expertise in order to reduce total project costs and time to first production. The field development agreement will leverage BHGE's portfolio to improve execution efficiency, reduce risk, and incentivize performance through shared objectives. The deal demonstrates BHGE's fullstream capability by leveraging its integrated portfolio of offerings from oilfield equipment (OFE) and oilfield services (OFS).
Today's announced partnership is part of W&T's joint exploration and development program among a group of investors to drill up to 14 specified projects in the Gulf of Mexico over the next three years.
BHGE will provide drilling and evaluation, completions and well intervention, and pressure pumping services. It will also supply wellhead systems, subsea production systems which includes subsea trees, controls and associated subsea connection systems. Surface wellheads and production equipment, as well as the associated installation tooling and services will also be provided from the OFE product company.
“This partnership with BHGE is the type of collaborative arrangement that is enabling renewed activity in the Gulf of Mexico,” said Tracy Krohn, chairman and CEO of W&T. “By partnering closely with BHGE we are locking in service reliability and ensuring access to the broadest selection of equipment and services and advanced industry technology.”
“W&T was looking for a partner to help drive down the total cost of development. BHGE's unique and flexible offering helps to consolidate engineering, products and services through one provider while leveraging the full technology and services leadership to meet their objectives,” said Kevin Wetherington, President of BHGE North America. “W&T has a long track record of success in the Gulf of Mexico and we expect this partnership to accelerate the continuation of that success.”
Cutting-edge technologies from BHGE's fullstream portfolio—including the TerrAdapt™ adaptive drill bit, the first self-adjusting drill bit in the industry—will be used for the development of these wells. The TerrAdapt bit earned OTC's prestigious Spotlight on New Technology award, and is being officially recognized today as part of the 50thOffshore Technology Conference in Houston.
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