Baker Hughes, a global energy technology company, has struck a significant deal with Brazil's state-controlled oil and gas behemoth, Petrobras, for the provision of integrated well construction services. The substantial contract is part of a new project and underlines an area of definite growth within the rapidly expanding and highly competitive global oil and gas sector.
1. Energy technology company, Baker Hughes, has secured a major contract with Brazil's Petrobras for integrated well construction services.
2. The contract is part of a new project and illustrates growth within the fast-paced global oil and gas sector.
3. The deal marks a significant milestone for Baker Hughes and positions it as a principal provider in one of the world's largest oil markets.
4. The partnership with Petrobras demonstrates Baker Hughes' commitment to applying its technological expertise for extraction from a potential large oil source.
5. The contract services include pre-drilling engineering, drilling, and construction operations, all crucial phases for successful oil and gas production.
The contract, expected to last for five years, is worth approximately $452 million.
The contract, which marks a significant milestone for Baker Hughes, positions the oilfield services company as a primary trusted provider in one of the world's largest oil markets. This partnership with Petrobras underscores Baker Hughes' commitment to lending its technological proficiency to assist in the extraction of reserves from a potentially sizable oil source. The integrated well construction services involve pre-drilling engineering, drilling and construction operations - key phases required for successful oil and gas production.