Oilfield services provider Baker Hughes, a GE company, (BHGE) is on the hunt for smaller oil and gas projects in Asia Pacific to replicate a project in Papua New Guinea where it is providing services and financing, a senior company executive said.
The company is seeing signs of renewed interest in oil and gas projects in the region, driven by smaller firms, Asia-Pacific President Visal Leng said on the sidelines of the OTC Asia conference.
BHGE offers resource assessment through to drilling and production. It wants to work with smaller companies looking to develop smaller fields and stranded resources in countries such as Indonesia, Philippines, Malaysia and Myanmar where there is also demand for natural gas to generate electricity.
The move to tackle such projects comes in the wake of the 2014 oil price crash, which devastated the region's oilfield services sector after producers sharply cut back spending on oil and gas exploration.
“We’re cautiously optimistic on the (Asia-Pacific) region because projects are slowly coming back. We also see some smaller projects in size, not by NOCs (national oil companies) or IOCs (international oil companies), but by smaller operators,” Leng said.
BHGE is currently working with private Australian company Twinza Oil which is developing the first offshore field for Papua New Guinea, providing fullstream services from assessing reserves to drilling and building the gas processing plant.
“We have taken more risks in development.... We have put some skin in the game with some financing,” he said.
The technology creates a paradigm shift to reduce reservoir uncertainty and lower total cost of ownership.
Radio frequency identification-equipped downhole casing isolation valves aim to increase operational safety and reservoir performance.
The work scope for the 30-month project includes an inlet stream screening to remove debris, feed water tanks with oil skimmer and pumps, a clarifier system including flocculation, coagulation and oil skimmer, treated wastewater storage and pumps, sludge treatment and relative utilities.