CNPC Research Institute teams-up with Badger Explorer to develop drilling tech

Submitted by Paddy Harris on Wed, 2014-08-20 17:03

20th August 2014

Badger Explorer has signed a cooperation agreement concerning a potential long-term agreement with China National Petroleum Corporation Drilling Research Institute (CNPC DR), whereby CNPC DR will become a sponsoring partner in the development of the Badger Explorer autonomous drilling tool

CNPC Research Institute team-up with Badger Explorer to develop drilling tech

To become on equal terms with the existing partners, CNPC DR will pay a step-up fee equal to the financial contribution committed by each of the current partner

By entering this agreement, CNPC DR will become a partner in the current demonstrator programme on equal terms with the existing four partners, Statoil, ExxonMobil, Chevron and Wintershall.

In addition, CNPC DR has, according to the agreement, indicated potential support for the next phase of development as a sponsoring partner in the Badger Explorer Development Programme. CNPC DR has also expressed considerable interest in assisting in the planning and execution of the first Badger Explorer field pilots.

To become on equal terms with the existing partners, CNPC DR will pay a step-up fee equal to the financial contribution committed by each of the current partners.

“Negotiations have been on-going for some time and we are delighted that China National Petroleum Corporation Drilling Research Institute has decided to become our fifth sponsor of the Badger Explorer activities," said Steinar Bakke, CEO of BXPL.

The agreement with CNPC DR will further strengthen Badger Explorer and will accelerate the development of the Badger technology.