Baker Invests in Energy Virtual Partners
Michael Baker Corporation has made a $1.0 million investment in Energy Virtual Partners, Inc., a new cutting-edge management service business that offers a high-value alternative to selling mature, under-resourced oil and gas properties.
In addition, the company's Baker Energy unit will serve as the preferred provider of comprehensive operations and maintenance services on the assets managed by EVP.
EVP takes declining oil and gas fields that energy companies have chosen not to develop and/or divest, and applies high-tech processes and expert knowledge to boost production and lower costs. This is accomplished by bringing together a virtual team of top industry talent and technologies, at no additional risk or expense to the owner. This approach lowers operating costs and increases the reserves of the asset, while allowing the owner to focus its key resources - people, technology and capital - on core activities.
"The virtual oil company concept is gaining acceptance in the Gulf of Mexico and elsewhere as a means of increasing the value of mature properties," Michael D. Whitten, president of Baker Energy, said. "Strategically, this investment and partnership with EVP fits very well with our OPCO(SM) consolidation model in the Gulf, as well as Baker's overall plan to maximize the growth of the Energy segment."