Business
Block Energy and Baker Hughes Announce Agreement
Block Energy and Baker Hughes Announce Agreement.
About this update from Block Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7189B\n Block Energy PLC\n 14 June 2021\n \n \n \n \n \n \n \n 14 June 2021\n \n \n \n \n \n Block Energy plc\n \n \n (\"Block Energy\", \"Block\" or the \"Company\")\n \n \n \n \n \n Block Energy and Baker Hughes Announce Agreement in Georgia to Deploy Energy Efficient Technologies for Oil and Gas Production and to Evaluate Geothermal Project\n \n \n \n \n \n Highlights\n \n \n · \n Block Energy has signed a Memorandum of Understanding (\"MoU\") with Baker Hughes to support drilling operations in Georgia.\n \n \n · \n The MoU with Baker Hughes provides a broader partnership on developing significant oil and gas opportunities throughout Block's entire portfolio.\n \n \n · \n Baker Hughes has allocated additional engineers to assess and potentially develop geothermal, carbon capture, and hydrogen applications across the Samgori, Patardzeuli and West Rustavi fields.\n \n \n Block Energy plc, a development and production company focused on the country of Georgia, has signed an MoU with Baker Hughes, a global energy technology company. The MoU envisages multiple service awards for advanced oil and gas technology across a production-led, multi-well drilling programme. The initial project will drill a horizontal well targeting a recoverable volume estimated to be 2.1 MMboe at the WR-BA well target location in West Rustavi.\n \n \n \n \n \n Block Energy's collaboration with Baker Hughes will support current and future development across its portfolio. Services provided by Baker Hughes include drilling fluids, cementing, drill bits, directional drilling, with the advanced technologies of rotary steerable systems, and a premium logging-while-drilling service. \n \n \n \n \n \n Baker Hughes will also provide a range of efficient well intervention and production-enhancement services to boost current production rates and drive efficiency. This will be achieved through the application of enhanced mechanical and chemical technologies to the Company's planned well interventions, including the intervention of the WR-16aZ well.\n \n \n \n \n \n The initial project, Block's first new horizontal well at the WR-BA location, includes advanced rotary steerable technology that will greatly improve drilling efficiency, safety and well placement accuracy. Logging-while-drilling mea...