Aker Solutions announced Friday that it has agreed to cooperate with Baker Hughes on early phase oil and gas studies, in order to improve the overall economics and value of oil and gas field developments.
Under the agreement Aker Solutions’ Front End Spectrum unit and Baker Hughes’ Reservoir Development Services group will provide customers with development concept studies that address the entire value chain, from reservoir understanding and well design to subsea and topsides facilities, including flow assurance and risk management.
Henning Ostvig, head of Front End Spectrum at Aker Solutions, commented in a company statement:
"Our ability to maximize value is greatest when we can enter a project early at the appraisal and feasibility stages and evaluate the potential of a field’s total development instead of parts of it. This greatly increases our success in finding solutions that improve the overall economics and value of a development by optimizing capital expenditure and production."
Scott Reeves, president of Reservoir Development Services at Baker Hughes, said in a company release:
"While we always want to find the best solutions for our customers, the current market environment gives us an added sense of urgency. No tool is more powerful than an early, integrated approach to field design. This helps ensure that all parts of a project are designed to work together throughout the life of the field."
The new agreement comes after Aker Solutions and Baker Hughes in 2014 formed the Subsea Production Alliance in 2014, which aims to develop solutions that will boost output, increase recovery rates and reduce costs at subsea fields.
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