The company will be owned 50-50 by Baker Hughes and Akastor and will be managed from current offices in Houston, Texas, US, and Kristiansand, Norway.
The SABER Tool uses internally directed pressure differentials to steer from the drill bit face, delivering true 'at-bit' geosteering.
While precise crude oil production figures are not available, 20% of lower 48 US natural gas production has been shut-in in the first half of February. An equivalent 20% cut in lower 48 US crude oil production would imply a production drop of around 2 – 2.2 million bpd of output, but this could prove to be even higher – perhaps as high as 4 million bpd.
Oil prices have jumped as the extreme cold weather the US is experiencing is impacting oil production, but refinery outages are limiting the price ascent.
Neil Bird will be responsible for the company's development and commercialisation of an alternative to traditional RSS tools.
Worldwide Facilities, a national wholesale insurance broker, has made Cudd Well Control its preferred well control provider to the global oil and gas industry.
The Perfecta rock charge is designed to improve well stimulation and productivity, and prolong the lifespan of conventional wells.
Affiliates of the two companies have entered into an agreement to jointly develop a futures contract for the physical delivery of crude oil in the Houston area.
Oil prices have fallen today over concerns about reported rising US oil storage levels and China adding travel restrictions.