Baker Hughes Technologies Win 2010 World Oil Awards

Industry recognition won for deepwater, drilling and production technologies and HSE / sustainable development

HOUSTON, TX – October 22, 2010 – Baker Hughes (NYSE: BHI) announced today it captured four awards at the prestigious 9th Annual World Oil Awards. Baker Hughes also had six other technologies named as finalists in the competition.

World Oil magazine, published by Gulf Publishing Company, named the winners at a gala dinner event in Houston on October 14. The awards recognize innovative thinking and next-generation leadership in the global upstream oil and gas industry.

Baker Hughes won recognition for the following:

Best Deepwater Technology Award – SureFlo 298Ex Flowmeter - the industry’s first fullbore access downhole electronic flowmeter, incorporates proprietary, high-resolution quartz gauges. The unrestricted access enables full production and can achieve a high-accuracy measurement of 98%.

Best Drilling Technology Award – Steerable Drilling Liner System - combines a rotary steerable system with the liner to help overcome the challenges of drilling in zones with lower pressure and unstable shale/coal layers, as well as in formations of varying flow and pressure regimes.

Best Production Technology Award – Equalizer Select Inflow Control Device with Multitasking Valve Technology - an advanced inflow control device (ICD) that reduces fluid velocity and erosion effects while exhibiting extremely low sensitivity to production fluid viscosity. The ICD is adjustable for various flow restrictions based on the latest logging data and reservoir modeling prior to completion. The design also mitigates the need for an inner string during installation, allowing circulation through the liner while running in the hole as well as setting the hydraulic openhole packers.

Best Health, Safety, Environment / Sustainable Development Award – Eco-Centre Peterhead Waste Management Solution – a facility that provides the North Sea oil and gas industry with the highest level of environmentally compliant waste processing services from the rigsite to final disposal. For the first time, exploration and production companies have a full-service facility to treat all of the liquid and solids waste generated during drilling operations. The Eco-Centre facility includes remote monitoring capabilities, allowing companies online access to track their waste streams and ensure environmental reporting compliance.

The other six Baker Hughes finalists included:

  • ConFINE™ – Control Formation Fines with Nanotechnology
  • MaxCORTM – Large Diameter Rotary Sidewall Coring
  • Rt eXplorer™ (RTeX™)
  • KymeraTM Hybrid Bit – New Horizons Award
  • Frac-Pack Sand Screen Completion with Fiber-Optic Monitoring
  • Advanced Milling Technology