Economy

Baker Hughes will help Naftogaz with oil exploration and production – memo at URC-2025

 NJSC Naftogaz Ukrainy and the American Baker Hughes have signed a memorandum on a strategic partnership to strengthen and modernize the energy sector of Ukraine.

The signing of the memorandum took place in Rome on July 10 as part of the Ukraine Recovery Conference URC-2025.

"Thanks to this agreement, the companies will explore new technical, operational and commercial opportunities in key areas of energy, in particular production, transportation, storage, processing of oil and gas," Naftogaz reported on Friday.

The parties will also cooperate in the areas of geothermal projects, carbon capture technologies and electricity generation.

"Naftogaz Group is building partnerships that help Ukraine overcome wartime challenges, implement modern energy solutions, and strengthen energy independence," said Serhiy Koretsky, chairman of the board of Naftogaz Ukrainy.

According to him, Baker Hughes has global expertise in the oil and gas industry and energy transition technologies, so the Ukrainian and American sides see great potential in this cooperation.

Among the key areas of cooperation envisaged by the memorandum are, in particular, services and equipment for drilling and well development, solutions for reducing emissions, as well as carbon capture, hydrogen, and geothermal energy projects.

In addition, the memorandum provides for cooperation in the areas of digital services, automation and analytics, equipment for underground work and production processes, as well as software for asset management and drilling optimization.

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