OTTAWA (dpa-AFX) - Baker Hughes Co. (BKR), an energy technology company, on Monday announced that it has signed two strategic agreements to support the development of Venezuela's natural gas infrastructure and future oil and gas resources.
The company signed an alliance agreement with PDVSA, Lindsay C.A Inc., and Fulcrum LNG Inc. to revitalize and expand Venezuela's natural gas infrastructure. Separately, the company announced that it recently signed a Memorandum of Understanding or MOU with New Stratus Energy Inc. (NSE.V) to support the development of future oil and gas prospects in the country.
Under the alliance, Baker Hughes will provide its energy technology and solutions, while Lindsay C.A will contribute its engineering and construction capabilities and Fulcrum will provide expertise in developing, financing and accessing markets for gas and LNG projects.
The company said the collaboration will focus on project-specific agreements and infrastructure needed to process, transport, commercialize and export natural gas.
Regarding its MOU, Baker Hughes said it plans to support future oil and gas prospects using its technologies and solutions across subsurface, drilling, production, processing, digital, emissions abatement, power generation, oil and gas monetization and LNG.
In its statement, New Stratus said the MOU would enhance its ability to develop large reserve plays and use technology to increase oil and gas production in Venezuela.
Baker Hughes said it has supported Venezuela's energy sector for more than 60 years. Its installed base in the country includes more than 1,200 oil production systems, a large artificial lift footprint, flexible pipe infrastructure and about 240 turbomachinery units across 23 sites.
In the early morning trading on the Nasdaq, the shares were gaining 36 cents or 0.64 percent, at $56.36.
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