Baker Hughes, a major energy technology company, and Hunt Oil Company, a privately owned upstream explorer, have signed a joint framework agreement to evaluate and redevelop mature oil and gas fields worldwide to extend the productive life of aging assets and unlock new hydrocarbon value, according to the two companies.
Under the agreement, Baker Hughes will contribute its advanced energy technologies, subsurface expertise, and mature asset solutions, while Hunt Oil will bring its global experience in upstream exploration, development, and operations. The collaboration will focus on identifying and assessing opportunities across some of the world’s most prolific basins.
Baker Hughes Chairman and CEO Lorenzo Simonelli said the partnership represents a strategic step toward creating value from mature fields, noting that collaborations of this kind help scale innovation and deliver impactful solutions across the global energy sector.
Hunt Oil Company CEO Hunter Hunt highlighted Baker Hughes’ role as a trusted technology partner, adding that combining Hunt’s entrepreneurial approach with Baker Hughes’ technical capabilities could help revive fields that remain commercially viable with the right investment.
The redevelopment of mature fields is becoming increasingly important as the industry faces declining production from aging assets. Industry forecasts suggest that by 2030, around 80% of global oil and gas production will come from mature fields, underscoring the need for advanced technologies and targeted redevelopment strategies to optimize recovery and sustain output.
In November, Baker Hughes signed an MoU with NMDC Energy at ADIPEC 2025 to explore collaboration on localizing Baker Hughes’ products and solutions in the Middle East, North Africa, Turkey, and India (MENATI) region, pointing to expanded regional partnerships beyond direct field redevelopment.
