Baker Hughes, an energy technology company, and Hunt Oil Company have announced a joint framework agreement for the evaluation and redevelopment of mature oil and gas fields around the world.
Under the agreement, Baker Hughes will pair its industry-leading technologies, subsurface insights, and expertise in mature assets solutions with Hunt’s worldwide experience in upstream exploration, development, and operations. Together, the companies will collaborate to identify and evaluate opportunities to extend the productive life of some of the world’s most prolific basins.
“We welcome this collaboration with Hunt Oil Company as a meaningful step toward unlocking new value from mature fields,” said Baker Hughes Chairman and CEO Lorenzo Simonelli. “Strategic collaborations like this exemplify how we can scale progress and deliver impactful solutions for the energy sector globally.”
“Baker Hughes is a leader in energy and industrial technology, and it is a partner-of-choice for governments and companies across the globe,” said Hunt Oil Company CEO Hunter Hunt. “We are thrilled to combine Hunt’s entrepreneurial approach to energy development with Baker Hughes’ extensive product offerings and technical expertise to resuscitate oil and gas fields that could become material producers of hydrocarbons if they had the right investment.”
The redevelopment of mature fields is increasingly vital to the future of global energy. Industry forecasts indicate that by 2030, approximately 80% of oil and gas output will come from mature assets. Leveraging advanced technologies and targeted redevelopment strategies can unlock new value, optimize recovery, and extend the productive life of these fields.