Schlumberger and BP launch Kaskida deepwater boosting project
- Schlumberger's OneSubsea joint venture secured a significant contract with BP for a subsea boosting system.
- This contract marks the first engineering, procurement, and construction agreement for this technology, aimed at the deepwater Kaskida project in the U.S.
- The collaboration highlights the ongoing partnership between Schlumberger and BP, emphasizing a commitment to enhancing oil production efficiency.
In October 2024, Schlumberger's OneSubsea joint venture achieved a significant milestone by securing a contract with BP for a subsea boosting system integral to the Kaskida project's development, an initiative that is part of the greenfield projects in the deepwater U.S. This contract marks a pivotal first for the partnership, representing their initial engineering, procurement, and construction (EPC) agreement focused on subsea boosting systems. The subsea boosting system is designed to provide a high-pressure pumping solution to enhance oil extraction from BP’s inaugural Paleogene field development. The implementation of this technology is crucial, as it supports the optimization of production and notably aims to improve reserve recovery rates while minimizing energy input, addressing key concerns in the current energy landscape. Despite reporting a modest revenue growth of 10.2% totaling $9.159 billion, Schlumberger’s performance fell short of the expected consensus figures. However, its adjusted EPS showed a positive trend, indicating underlying operational health and promising future potential. The collaboration between Schlumberger and BP underscores their dedication to leveraging advanced technologies to meet the demands of modern oil production efficiently. This initiative is poised to play a significant role in both companies' strategies for sustainability and effective resource management moving forward.