Baker Hughes and Lukoil Sign Collaboration Deal

Baker Hughes Company (NYSE: BKR) announced on Thursday that it and PJSC Lukoil (MCX: LKOH) have signed an agreement to deepen their global collaboration.

The agreement will leverage Baker Hughes’ diversified technologies and Lukoil’s deep industry expertise and extensive international production chain to increase efficiencies, reduce emissions, and raise productivity for the oil and gas industry and support the energy transition, Baker Hughes noted.

Lukoil said the deal provides for the merging of the parties’ efforts, technologies, and experience in the production and supply of equipment, the delivery of training for experts, the undertaking of pilot programs, and the deployment of software and the provision of services in the countries in which Lukoil and Baker Hughes are present.​

Lukoil also noted that the companies have agreed on the development of an integrated approach to Lukoil’s initiatives for the implementation of advanced, low carbon technologies for emissions detec​tion and reduction, as well as energy efficiency enhancement throughout the production chain.

“We are delighted to have signed this landmark collaboration with Lukoil that will advance our efforts to lead the energy transition in the region,” Lorenzo Simonelli, the chairman and chief executive officer of Baker Hughes, said in a company statement.

“We look forward to building upon our long-term relationship with a forward thinking partner, collaborating in strategic areas to help Lukoil achieve further success,” Simonelli added in the statement. “I look forward to sharing our expertise and technologies together through an integrated approach essential to accelerate our journey towards net zero emissions,” the Baker Hughes head went on to say.

Baker Hughes describes itself as an energy technology company that provides solutions to energy and industrial customers worldwide. Lukoil describes itself as one of the world’s largest, international, vertically integrated oil and gas companies. 

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