Photo: Lorenzo Simonelli (L) and Vagit Alekperov (R); Source: Lukoil

Lukoil, Baker Hughes ink memorandum of cooperation

Oilfield services major Baker Hughes and Russian independent oil company Lukoil have signed a memorandum on cooperation.

Lukoil said on Thursday that the memorandum on cooperation was signed at the St. Petersburg International Economic Forum.

The memorandum was signed by the president of Lukoil Vagit Alekperov and the chairman and chief executive officer of Baker Hughes Lorenzo Simonelli.

According to the oil company, the memorandum provides for the merging of the parties’ efforts, technologies, and experience in the production and supply of equipment, delivery of training for experts, the undertaking of pilot programs.

Lukoil added that it also ensures the deployment of software and the provision of services in the countries in which the oil firm and Baker Hughes are present.​

The parties have also agreed on the development of an integrated approach to Lukoil’s initiatives for the implementation of advanced, low-carbon technologies for emissions detection and reduction, as well as energy efficiency enhancement throughout the production chain.

In recent company news, Baker Hughes was awarded a subsea oilfield equipment contract from Petrobras as part of the Marlim and Voador field revitalization plan in the Campos Basin, offshore Brazil.