Oilfield giant Baker Hughes has today entered a long-term Oilfield Service Agreement (OFSA) with Petronas over the Malaysian company’s offshore operations.
The 23-year partnership to develop reserves and production of hydrocarbons in the Greater D18 fields, offshore Malaysia, follows a 2.5 year field development study of the mature oilfield by the American company.
As part of the study, two production enhancement programmes successfully restored production in targeted wells, the company said.
“We have utilized our best people to come up with solutions which are going to help Petronas Carigali [Petronas’ E&P subsidiary] achieve their goals of increased oil recovery from mature fields,” said Zvonimir Djerfi, president of Asia Pacific region for Baker Hughes.
“The partnership between Petronas and Baker Hughes on this project represents a significant milestone in expanding our offering with reservoir development in addition to our traditional products and services portfolio.”
The company will share the redevelopment costs in return for profits from the increased production.