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:
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Media
Relations:
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Teresa
Wong, +1.713.439.8110, teresa.wong@bakerhughes.com
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Pam
Easton, +1.281.209.7050, pamela.easton@bakerhughes.com
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Investor
Relations:
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Trey
Clark, +1.713.439.8039, trey.clark@bakerhughes.com
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Eric
Holcomb, +1.713.439.8822,
eric.s.holcomb@bakerhughes.com
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SOURCE Baker Hughes