Former Russian Subsidiary of Baker Hughes Will Invest in Its Own Oilfield Technologies
In 2023, the company plans to increase investment in technology localization and will focus on drilling.
OFS Technologies, the new owner of former Baker Hughes assets in Russia, is launching an investment program for its own oilfield services technologies. OFS Technologies reported about it on January 24, 2023.
In 2023, the company plans to increase investment in technology localization and will focus on drilling. The investment program will be aimed at the development of production sites, as well as oilfield services technologies, primarily in the field of high-tech drilling, artificial lift and well completion. To do this, the company plans to form its own R&D center. The volumes of the investment program have not yet been named, but it is specified that they will be consistently increased in the next 3-5 years. In the future, the company plans to significantly increase its staff, incl. at the expense of young specialists, as well as to attract more employees to high-tech areas.
Baker Hughes announced the suspension of new investments in its operations in Russia in April 2022.
On August 1, 2022 the company announced the conclusion of the agreement on sale of business in Russia to local management. The deal was approved by the President of the Russian Federation V. Putin in November 2022, after which the Oilfield Services Technologies company became the new owner of Baker Hughes assets, co-owned in equal shares by A. Monakhov, A. Anikeev and N. Aidarova, former top managers of Baker Hughes in Russia.
The new owner continued the work of oilfield services, uniting them under the OFS Technology brand. Currently, the structure of the group includes enterprises in 11 regions of the Russian Federation, including the Tyumen Oilfield Equipment Plant.
