Baker Hughes, a GE company (NYSE: BHGE) has released a suite of lightweight, modular technologies as part of a new subsea development approach it believes has potential to improve the economics of offshore projects and unlock more oil reserves.
Subsea Connect combines planning and risk management, new modular deepwater technology, innovative partnerships and digital tools into a single offering, the company said in a news release Nov. 28.
“In recent years, our industry has made good progress in lowering the cost of subsea projects to the point where they have become more competitive with onshore developments,” Neil Saunders, president & CEO of BHGE’s oilfield equipment business, said in the release. “While the gap has narrowed, we are taking that to the next level with Subsea Connect, making long-lasting, sustainable change and driving value from concept to commissioning and over the full life of field.”
The company said Subsea Connect—which includes the Aptara TOTEX-lite subsea system of lightweight, modular technologies designed for the full life of field—could reduce the economic development point of subsea projects by an average of 30% and unlock an additional 16 billion barrels of reserves globally.