Baker Hughes Co. is joining a carbon storage project under development in the Arctic, the Houston-based company said, as one of the world’s largest oilfield service firm’s focus on new energy intensifies.

According to a company announcement on March 23, Baker Hughes signed a memorandum of understanding with Horisont Energi AS to collaborate on the Polaris carbon storage project off the northern coast of Norway in the Barents Sea. As part of the partnership, the companies also plan to explore new processes and technologies across the carbon capture, transport and storage (CCTS) value chain for the energy industry.

“With this announcement, Baker reminds us how well-suited (and well-versed) they are in carbon capture, storage and sequestration,” analysts with Tudor, Pickering, Holt & Co. (TPH) wrote in a March 23 research note.

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