Baker Hughes, a leader in energy technology, has clinched a substantial contract to furnish a modularised liquefied natural gas (LNG) system and power island. This contract, which will be recorded in Q3 2023, stems from an expanded master equipment supply agreement between Venture Global LNG and Baker Hughes. The deal outlines provisions for over 100 million tons per annum (MTPA) of production capacity, marking an upswing from the prior 70 MTPA. This expansion was recently showcased at Gastech in Singapore.
Historically, Baker Hughes has been the recipient of multiple contracts from Venture Global, particularly for offering integrated LNG tech solutions for ventures such as the Calcasieu Pass and the Plaquemines LNG projects located in Louisiana.
Mike Sabel, CEO of Venture Global, shared his enthusiasm about the partnership’s newest venture. He remarked, “To enable a successful transition to more secure and sustainable economies, it is critical that we continue to further our mission of delivering low-cost LNG at a larger scale. We are grateful for our continued partnership with Baker Hughes, a world leader in energy technology, and look forward to building on our successful collaboration in our upcoming projects.”
Lorenzo Simonelli, chairman and CEO of Baker Hughes, emphasized their long-standing role in the natural gas industry and their notable contributions in the recent surge of the LNG market. He stated, “We have been a trusted partner in natural gas operations for more than 30 years and have been able to bring that depth of experience into the recent LNG market upturn. This further expansion of our collaboration with Venture Global reaffirms that Baker Hughes technologies are advancing the efficient use of natural gas, and we are honoured to continue to support their projects.”
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Baker Hughes, trading on NASDAQ as BKR, is a frontrunner in energy technology, devising solutions for energy and industrial sectors across the globe. It serves as a prime contractor to ExxonMobil Guyana, supporting its operations in the Stabroek Block.
