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Baker Hughes, CGGVeritas Collaborate to Help Shale Operators Drill More Productive Wells

Date : 11/05/2012 @ 11:32AM
Source : PR Newswire (US)
Stock : Cgg Veritas (CGV)
Quote : 29.03  0.0 (0.00%) @ 11:35AM
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Baker Hughes, CGGVeritas Collaborate to Help Shale Operators Drill More Productive Wells

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Baker Hughes, CGGVeritas Collaborate to Help Shale Operators Drill More Productive Wells

HOUSTON, Nov. 5, 2012 /PRNewswire/ -- Baker Hughes Incorporated (NYSE: BHI) and CGGVeritas (NYSE: CGV, Euronext) announced today a collaborative relationship to improve shale reservoir exploration.

Using reservoir models that integrate log-derived, near-wellbore geomechanical and petrophysical properties from Baker Hughes with calibrated seismic data from CGGVeritas, operators can optimize well placement and completion design earlier in the asset lifecycle for more efficient well construction and more productive wells.

Baker Hughes brings a broad portfolio of oilfield expertise and services to the collaborative relationship, most notably its reservoir and production engineering team and its Center of Reservoir Excellence (CORE) team focused on unconventional resources. The company's proprietary geomechanical models and JewelSuite™ reservoir modeling software use data from Baker Hughes' logging and subsurface imaging tools to deliver decision support capabilities.

"Providing our customers with a more comprehensive view of their reservoirs to accurately pinpoint sweet spots so they can make the most productive decisions is a fundamental goal of the Baker Hughes' shale strategy," said Martin Craighead, Baker Hughes' President and Chief Executive Officer. "We are pleased to enhance that capability with the complementary CGGVeritas portfolio."

CGGVeritas brings to the relationship a global market-leading position in seismic data acquisition and geosciences, including differentiating technologies for shale reservoirs characterization. These technologies include Hampson-Russell software products and, with the acquisition of Fugro's Geoscience division, will soon include Jason technologies for high-end reservoir characterization and Robertson expertise in exploration and geology. This complete portfolio enables optimization of project design, a compression of project timelines and offers a comprehensive product for final interpretation of key reservoir attributes.

Jean-Georges Malcor, Chief Executive Officer of CGGVeritas, said: "This collaboration agreement is a very good example of our long-term strategy in geosciences, and we are very excited to present our skills along with the unique shale expertise of Baker Hughes."

While the long-range goal of the collaboration is to help operators optimize full-field development projects, the initial phase focuses on integrating near-wellbore log data with reservoir characteristics away from the well.

Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company's 58,000-plus employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources. For more information on Baker Hughes' century-long history, visit www.bakerhughes.com.

CGGVeritas (www.cggveritas.com) is a leading international geophysical company delivering a wide range of technologies, services and equipment through Sercel, to its broad base of customers mainly throughout the global oil and gas industry. CGGVeritas is listed on the Euronext Paris SA (ISIN: 0000120164) and the New York Stock Exchange (in the form of American Depositary Shares, NYSE: CGV).

CONTACTS:


Media Relations:

Teresa Wong, +1.713.439.8110, teresa.wong@bakerhughes.com


Pam Easton, +1.281.209.7050, pamela.easton@bakerhughes.com

Investor Relations:

Trey Clark, +1.713.439.8039, trey.clark@bakerhughes.com


Eric Holcomb, +1.713.439.8822, eric.s.holcomb@bakerhughes.com 

SOURCE Baker Hughes

Copyright 2012 PR Newswire



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