Baker Hughes selected by Terra to manage Russia oil and gas assets
Terra Resources, a London-based independent oil and gas firm, said Wednesday that it had picked Baker Hughes to manage the development of its oil and gas assets in Russia.
Financial terms of the agreement were not disclosed.
Terra Resources and Baker Hughes said they entered into a master services and sales agreement on April 21, and subsequently approved a work program for the next four to six months.
The objective of the initial work program is to analyze available data, produce reservoir studies, production forecasts and field development optimization models, develop performance and dynamic modeling and re-entry design (casing inspection, and additional data acquisition program including but not limited to logging, sampling, and PVT analysis), the companies said.
Additionally, Baker Hughes plans to perform geomechanical modeling for surface completion design and production optimization, workover design (analysis of potential stimulation, re-perforation and side tracking), final subsurface completion design, and surface gathering system design and optimization, the companies said.
"We are excited about working with Baker Hughes, as we begin to develop our oil and gas assets," stated Dmitriy Salop, president for Terra Resources.
"Baker Hughes has performed a comprehensive data review, which enables it to construct a geological model, and move forward rapidly," he added.
Baker Hughes and Terra Resources expect to start the field execution phase by or before November 2011, they said.
Comments