Baker Hughes to supply 'world's largest' offshore carbon capture project
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Baker Hughes (NASDAQ:BKR) said Tuesday it won a contract to supply carbon dioxide compression equipment to Petronas' Kasawari carbon capture and storage project offshore Malaysia, which is expected to be the world's largest offshore CCS facility, with capacity to reduce CO2 emissions by 3.3M tons/year.
Baker Hughes (BKR) will provide turbocompression equipment to transport CO2 emitted from flaring at the Kasawari gas development and reinject it into a depleted offshore field through a subsea pipeline.
The project is expected to significantly reduce CO2 volume currently emitted through flaring of the overall Kasawari development, supporting Petronas' efforts to unlock Malaysia's potential to become a global carbon capture, utilization and storage hub.
"This project proves that CCS technology can be deployed even in challenging environments, including offshore gas facilities, and provides an important step forward for reducing emissions from natural gas production," Baker Hughes (BKR) said.
Baker Hughes (BKR) is "an underappreciated oilfield services company," RCK Analytics said in an analysis published recently on Seeking Alpha.