We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
BKR Secures Multi-Year Contract in Kuwait for Production Enhancement
Read MoreHide Full Article
Key Takeaways
Baker Hughes won a multi-year KOC contract to enhance Kuwait's oil and gas production using lift systems.
BKR will supply ESPs with installation and maintenance to improve reliability and reduce nonproductive time.
Baker Hughes is expanding its presence in Kuwait with a new R&D center at Ahmadi Innovation Valley.
Baker Hughes Company (BKR - Free Report) , a leading energy technology company, has secured a multi-year contract award from Kuwait Oil Company (“KOC”) to enhance the productivity of Kuwait’s oil and gas fields. BKR will deliver artificial lift systems and associated services that can help increase oil and gas production across mature fields. Per the terms of the agreement, Baker Hughes will supply electrical submersible pumps (ESPs) to KOC, along with a range of services, which include installation, surveillance and maintenance of the equipment.
Scope of Work: Artificial Lift Systems and Lifecycle Services
These artificial lift systems will be linked to Baker Hughes’ FusionPro intelligent production drive and Leucipa automated field production solution. These advanced technologies will enable real-time monitoring and optimization of operations, which are expected to improve reliability and significantly reduce nonproductive time in the oil and gas fields.
Prior to this contract award, KOC had awarded another contract to Baker Hughes for providing advanced wireline and perforation technologies, which include the proprietary Proxima™ advanced logging services. This advanced solution is aimed at assessing the reservoir details more intricately to streamline production and enhance hydrocarbon recovery from wells.
Maximizing Value From Mature Assets
The company highlighted that technological advancements are enabling the extraction of greater value from established and mature oil and gas resources, with KOC and Baker Hughes positioned as front-runners in this domain. Baker Hughes noted that its artificial lift systems have been deployed in Kuwait for nearly 20 years now, demonstrating a successful track record of reliability and efficiency.
Long-Standing Presence and Infrastructure in Kuwait
Baker Hughes has a long-standing relationship with the energy sector in Kuwait. The company has been operating in the country for several decades and also owns a large workshop in the country, which is used for testing equipment and conducting failure analysis of artificial lift systems. Additionally, the company signed a memorandum of understanding for a research and development center to be built in the Ahmadi Innovation Valley. This underscores BKR’s commitment to the development of the country’s energy sector. The R&D center shall help navigate challenges faced by the upstream sector in Kuwait while fostering local talent and expertise.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
BKR Secures Multi-Year Contract in Kuwait for Production Enhancement
Key Takeaways
Baker Hughes Company (BKR - Free Report) , a leading energy technology company, has secured a multi-year contract award from Kuwait Oil Company (“KOC”) to enhance the productivity of Kuwait’s oil and gas fields. BKR will deliver artificial lift systems and associated services that can help increase oil and gas production across mature fields. Per the terms of the agreement, Baker Hughes will supply electrical submersible pumps (ESPs) to KOC, along with a range of services, which include installation, surveillance and maintenance of the equipment.
Scope of Work: Artificial Lift Systems and Lifecycle Services
These artificial lift systems will be linked to Baker Hughes’ FusionPro intelligent production drive and Leucipa automated field production solution. These advanced technologies will enable real-time monitoring and optimization of operations, which are expected to improve reliability and significantly reduce nonproductive time in the oil and gas fields.
Prior to this contract award, KOC had awarded another contract to Baker Hughes for providing advanced wireline and perforation technologies, which include the proprietary Proxima™ advanced logging services. This advanced solution is aimed at assessing the reservoir details more intricately to streamline production and enhance hydrocarbon recovery from wells.
Maximizing Value From Mature Assets
The company highlighted that technological advancements are enabling the extraction of greater value from established and mature oil and gas resources, with KOC and Baker Hughes positioned as front-runners in this domain. Baker Hughes noted that its artificial lift systems have been deployed in Kuwait for nearly 20 years now, demonstrating a successful track record of reliability and efficiency.
Long-Standing Presence and Infrastructure in Kuwait
Baker Hughes has a long-standing relationship with the energy sector in Kuwait. The company has been operating in the country for several decades and also owns a large workshop in the country, which is used for testing equipment and conducting failure analysis of artificial lift systems. Additionally, the company signed a memorandum of understanding for a research and development center to be built in the Ahmadi Innovation Valley. This underscores BKR’s commitment to the development of the country’s energy sector. The R&D center shall help navigate challenges faced by the upstream sector in Kuwait while fostering local talent and expertise.
BKR’s Zacks Rank and Key Picks
BKR currently carries a Zacks Rank #3 (Hold).
Some top-ranked stocks from the energy sector are Oceaneering International (OII - Free Report) , Subsea7 S.A. (SUBCY - Free Report) and FuelCell Energy (FCEL - Free Report) . While Oceaneering currently sports a Zacks Rank #1 (Strong Buy), Subsea7 and FuelCell carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.