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Baker Hughes, CSL Capital Management, WSEP to form North American land pressure-pumping company

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Baker Hughes, CSL Capital Management and West Street Energy Partners (WSEP), a fund managed by the Merchant Banking Division of Goldman Sachs, announced an agreement to create a pure-play North American land pressure pumping company. The new company will leverage operational experience and industry expertise to provide customers with leading hydraulic fracturing and cementing services supported by the current Baker Hughes world-class technology portfolio.

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New USGS assessment indicates Wolfcamp shale holds an estimated 20 billion barrels of oil

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The Wolfcamp shale in the Midland Basin portion of Texas’ Permian Basin province contains an estimated mean of 20 billion bbls of oil, 16 trillion cu ft of associated natural gas, and 1.6 billion bbls of natural gas liquids, according to an assessment by the US Geological Survey. This estimate is for continuous (unconventional) oil, and consists of undiscovered, technically recoverable resources. The estimate of continuous oil in the Midland Basin Wolfcamp shale assessment is nearly three times larger than that of the 2013 USGS Bakken-Three Forks resource assessment, making this the largest estimated continuous oil accumulation that USGS has assessed in the United States to date. “The fact that this is the largest assessment of continuous oil we have ever done just goes ...

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GE, Maersk Drilling pilot predictive maintenance program

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GE and Maersk Drilling announced a partnership today to collaborate on a data analytics pilot project to increase Maersk’s drilling vessels’ productivity and to possibly reduce maintenance costs by up to 20%. The two companies have collaborated to deploy SeaStream Insight, GE’s new marine asset performance management program, powered by Predix. The pilot project will be carried out on one of Maersk Drilling’s...

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