Baker Hughes acquiring artificial lift, oil field solutions provider AccessESP
HOUSTON – Baker Hughes has announced it is acquiring AccessESP, a provider of advanced technology for artificial lift solutions, to further transform core oil and gas operations by reducing costs and downtime for operators.
AccessESP’s “GoRigless ESP System” provides proprietary solutions that enable an electrical submersible pump (ESP) to be deployed and retrieved with conventional, light-duty intervention equipment (e.g., wireline, coiled tubing or well tractor) without the need for a rig or requiring the well production tubing to be pulled. These technologies significantly reduce the cost of, and downtime between, workovers used in the replacement of ESPs, which is of increasing importance in offshore and remote areas.
“Combining AccessESP’s alternative deployment technology with Baker Hughes’ world-class ESP capabilities creates a truly differentiated solution for our customers,” said Maria Claudia Borras, executive vice president of Oilfield Services at Baker Hughes. “This transaction reinforces Baker Hughes’ commitment to transforming our core business by focusing on leading, future-proof technologies that support growth opportunities and enhance our portfolio.”
AccessESP’s innovative deployment system provides more efficient solutions compared with traditional methods. By reducing heavy intervention, operators can increase oil recovery, efficiency and profitability while reducing costs and managing resources more efficiently. Lightweight intervention systems also reduce HSE risks, while light workover techniques enable ESP maintenance to be completed more quickly and at a lower cost than existing methods.
Headquartered in Houston, AccessESP has approximately 55 employees with facilities in North America and the Middle East. The transaction is expected to close in the second half of 2022 and will be integrated into Baker Hughes’ Oilfield Services segment. The acquisition agreement includes all intellectual property, personnel and commercial agreements.