We use cookies
to help provide you with a good experience on our website. By continuing to browse the website, you are agreeing to our use of cookies.

Baker Hughes to buy Compact Carbon Capture to advance energy transition plan

GO NET-ZERO
CARBON ENERGY

Baker Hughes to buy Compact Carbon Capture to advance energy transition plan

Baker Hughes Co BKR.N said on Tuesday it would buy Compact Carbon Capture AS in a bid to expand its footprint beyond oil and gas oilfield services as it prepares for a transition to a low-carbon future. Source: Reuters

Facing pressure from shareholders worried about the climate impact of fossil fuel and a plunge in oil and gas prices due to the COVID-19 pandemic, energy companies are seeking to accelerate a portfolio shift towards greener fuels.

Baker Hughes in September said it would continue to downsize its oilfield services and equipment portfolio and put emphasis on the energy transition and technology needed for renewables.

We are positioning our portfolio for new energy frontiers, and we believe there will be strong growth potential of carbon capture for both industrial applications and oil and gas projects.

Lorenzo Simonelli, Chief Executive Officer, Baker Hughes

The company expects growth in demand for lower carbon solutions as more companies move to lower their carbon footprints, including by upgrading gas turbines and buying methane monitoring products. Baker Hughes is targeting net-zero carbon emissions by 2050.

Rival Schlumberger SLB.N has also been driving for new technology partnerships and accelerating its New Energy business, which aims to drive more sustainable energy output for its customers.

Baker said the deal for Compact Carbon Capture, which develops technology specializing in carbon capture solutions, includes all intellectual property, personnel and commercial agreements.

Relevant news

GO NET-ZERO
CARBON ENERGY
Baker Hughes to acquire Carbon Capture Technology
Baker Hughes announced today it is acquiring Compact Carbon Capture, a pioneering technology development company specializing in carbon capture solutions.
GO NET-ZERO
CARBON ENERGY
BP leads energy companies preparing two major UK carbon capture projects
17m tonnes of carbon dioxide to be stored beneath the North Sea every year.
GO DIGITAL ENERGY
Baker Hughes & C3.ai release AI-based application that optimizes upstream oil and gas operations
Baker Hughes and C3.ai announced the launch of an AI-based application that helps optimize operations for improved oil and gas production rates.
GO NET-ZERO
CARBON ENERGY
Baker Hughes to focus on gas, LNG amid energy transition: CEO
Baker Hughes is committed to helping its customers reduce their carbon footprints. The company previously announced its plans to achieve net-zero carbon emissions by 2050
GO DIGITAL ENERGY MIDDLE EAST
BHGE and C3.ai announce a JV to deliver AI solutions for the oil and gas industry
GO DIGITAL ENERGY
BHGE: On a journey to net-zero carbon emissions