HOUSTON--(BUSINESS WIRE)--Nov. 14, 2000--Baker Hughes Incorporated (NYSE:BHI)(PCX:BHI)(EBS:BHI) has won a contract from the Karachaganak Petroleum Operating (KPO) consortium to provide all integrated services for their Karachaganak field. The three-year contract, with an option for an additional three years, covers all rigsite and associated offsite services. Baker Hughes will provide completions, wireline logging, and drilling products and services. The KPO consortium comprises AGIP S.p.A., BG Exploration and Production Ltd., Texaco Inc., and LUKoil.
Under the terms of the contract, Baker Hughes would provide services for KPO to develop the Karachaganak field. Located onshore north of the Caspian Sea and south of the border with Russia near Orenburg, the Karachaganak field, discovered in 1979, is one of the largest gas condensate fields in the world. It currently produces an average of 50,000 barrels of condensate and 250 million cubic feet of gas per day.
"This is an important contract for Baker Hughes," said Andrew J. Szescila, senior vice president and president of oilfield operations. "We believe strongly in the future of the oilfield in Kazakhstan and the significant role Baker Hughes can play in helping lower production costs and improve drilling efficiency."
The KPO contract includes a commitment to the training and development of Kazakhstan nationals and alliances to further develop the infrastructure in Kazakhstan to support the anticipated growth in oilfield activity.
Baker Hughes is a leading supplier of products, services and systems for the worldwide oil and gas industry.
NOT INTENDED FOR BENEFICIAL HOLDERS
|CONTACT:||Baker Hughes Incorporated, Houston|
|Gary R. Flaharty, 713/439-8039|
|Kyle J. Leak, 713/439-8742|