Baker Hughes signs supply agreement with Venture Global

Baker Hughes, a provider of oilfield services in the United States, announced on Thursday that it had signed an agreement with Venture Global for technology and equipment to support its projects involving liquefied gas (LNG).

Venture Global has signed a framework agreement for services to support phases 1 and 2 in Louisiana's Plaquemines LNG Project.

Lorenzo Simonelli, CEO of Baker Hughes, said: "As the power demand increases, LNG plays a crucial role in providing a flexible, reliable fuel source that can quickly be scaled up to meet increasing demand."

The demand for LNG has increased as Big Tech invests billions in AI technology.

Venture Global, based in Arlington, Virginia, is the United States' second largest liquefied gas exporter. It has increased production at its second LNG facility, Plaquemines, rapidly.

The company recently raised $1.75 Billion in its first major IPO of the year, making it the most valuable U.S. based LNG company.

It is involved in arbitration proceedings brought by some of world's largest energy companies, including BP, Shell and Edison. They claim that the gas promised from Venture Global's Calcasieu Pass facility under long-term agreements was not delivered. Reporting by Vallari Shrivastava in Bengaluru and Seher Dareen; editing by Shinjini Ganuli

(source: Reuters)