CGG Announces Alliance with Baker Hughes Offering Carbon Capture & Storage Solutions
CGG has announced an alliance with Baker Hughes to offer carbon capture & storage solutions, aiming to support the rapid increase of CCS projects worldwide. The collaboration intends to provide high-quality end-to-end solutions for screening, selecting, characterizing, and monitoring potential carbon storage sites. By combining expertise and technologies, the alliance aims to provide efficient and cost-effective solutions for operators.
Collaboration with Baker Hughes opens up opportunities for CGG to expand its presence in the high-growth CCS market.
The alliance aims to support the rapid increase of CCS projects worldwide, addressing the critical need to deal with CO2 emissions.
Combining the expertise and technologies of both companies can lead to more efficient and cost-effective solutions for operators in the CCS sector.
There may be challenges in integrating the different technologies and skillsets of CGG and Baker Hughes, potentially leading to operational hurdles.
If the alliance fails to deliver on its promises, it could impact the reputation and market position of both companies in the CCS sector.
Paris, France – May 8, 2024
CGG has signed a Memorandum of Understanding with Baker Hughes, an energy technology company, at the 2024 Offshore Technology Conference (OTC) in Houston to facilitate the parties exploring jointly offered carbon capture & storage (CCS) solutions. The collaboration and proposed commercial alliance intends to support the rapid increase of CCS projects that is underway by providing high-quality and fully integrated end-to-end solutions to screen, select, characterize and monitor potential carbon storage sites worldwide.
Peter Whiting, EVP, Geoscience, CGG, said: “CGG shares a strong commitment with Baker Hughes to actively support low-carbon markets with new technologies and business capabilities in carbon capture and storage. CCS is a high-growth market that is expected to play an important role in dealing with CO2 emissions. By combining the considerable expertise and complementary technologies of the two companies in the CCS arena, operators will benefit from more efficient and cost-effective solutions from two trusted market leaders.”
“The combination of Baker Hughes and CGG subsurface and surface capabilities will provide our customers in CCS an unmatched support to de-risk technical and economic challenges from strategy to CO2 storage site construction, and lifetime monitoring”, said Ahmed Eldemerdash, Vice President of Oilfield Services and Equipment, New Energies at Baker Hughes. “This alliance brings to bear fully complimentary skillsets throughout the CCS value chain.”
About CGG
CGG (www.cgg.com) is a global technology and HPC leader that provides data, products, services and solutions in Earth science, data science, sensing and monitoring. Our unique portfolio supports our clients in efficiently and responsibly solving complex digital, energy transition, natural resource, environmental, and infrastructure challenges for a more sustainable future. CGG employs around 3,400 people worldwide and is listed on the Euronext Paris SA (ISIN: 0013181864).
Contacts
| Group Communications & Investor Relations Christophe Barnini Tel: + 33 1 64 47 38 11 E-Mail: christophe.barnini@cgg.com |
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FAQ
What is the alliance announced by CGG?
CGG has announced an alliance with Baker Hughes to offer carbon capture & storage solutions, aiming to support the rapid increase of CCS projects worldwide.
What are the goals of the collaboration between CGG and Baker Hughes?
The collaboration aims to provide high-quality end-to-end solutions for screening, selecting, characterizing, and monitoring potential carbon storage sites in the CCS sector.
How will the alliance benefit operators in the CCS sector?
Operators in the CCS sector are expected to benefit from more efficient and cost-effective solutions by leveraging the expertise and technologies of both CGG and Baker Hughes.
