Redevelopment of Mature Oil and Gas Fields: Baker Hughes and Hunt Oil Announce Joint Framework

     In Mid-December 2025, Baker Hughes and Hunt Oil Company announced a joint framework for the global evaluation and redevelopment of mature oil & gas fields. One goal is to extend the productive life of prolific oil & gas basins. According to the announcement from Baker Hughes:

“Under the agreement, Baker Hughes will pair its industry-leading technologies, subsurface insights and expertise in mature assets solutions with Hunt’s world-wide experience in upstream exploration, development and operations. Together, the companies will collaborate to identify and evaluate opportunities to extend the productive life of some of the world’s most prolific basins.”

“The redevelopment of mature fields is increasingly vital to the future of global energy. Industry forecasts indicate that by 2030, approximately 80% of oil and gas output will come from mature assets. Leveraging advanced technologies and targeted redevelopment strategies can unlock new value, optimize recovery, and extend the productive life of these fields.”

     As a geologist, I have worked on a few projects, hoping to redevelop mature fields. In the mid-1990s, a company, Meridian Exploration, tried to redevelop oil fields in the Trenton Limestone in Western Ohio and Northeastern Indiana. I worked as a mudlogger on a couple of those wells, but that particular venture was not successful, partially due to field depletion and the many unplugged or improperly plugged wells drilled in the early 1900s at very close spacing. However, with today’s technology, even those very old fields and others like them could possibly be redeveloped. Issues impeding redevelopment, especially of older fields, include pressure depletion, poor infrastructure, and questionable economics.

     EPCIntel.com writes that the joint framework will provide project opportunities and attract investment to these brownfield projects.

“Redevelopment is increasingly the cheapest barrel available. Brownfield infill drilling, artificial lift upgrades, compression additions, water handling debottlenecking and targeted EOR schemes all deliver incremental production at breakevens far below most frontier projects.”

“In mature field redevelopments, Baker Hughes typically sits across several value layers. Early phase subsurface re interpretation and production diagnostics feed into concept selection. That then cascades into well workovers, new wells, surface facility upgrades and long term O&M contracts.”

     EPCIntel.com benchmarks mature field redevelopment programs and sees these projects having capex needs of $200 million to $800 million per asset. They divide the needed capex as follows.

     A graphical representation of that cost breakdown is below.

Data source: EPCIntel.com

     They also note that mature field redevelopment is likely to move from niche investments to core investments, presumably as suitable opportunities are found.

“Mid-tier EPCs, modular fabricators, compressor package suppliers, digital solution providers and well services companies are the most likely beneficiaries. Local contractors in mature basins should also expect increased activity as Hunt and Baker Hughes move from evaluation into execution.”

“Importantly, these projects often progress quickly once sanctioned, with shorter cycles from concept to first oil compared to greenfield developments.”

“Expect to see specific projects, regional pilots and eventually bundled EPC and services awards emerge from this collaboration. When they do, they are likely to look modest individually, but substantial in aggregate, exactly the kind of work that keeps the global EPC machine busy in a capital disciplined upstream world.”

     How does mature field redevelopment look, and what makes it up? According to Oil & Gas Technology, creating value from mature field redevelopment involves the following:

“Redeveloping mature fields typically involves a combination of improved reservoir characterization, targeted infill drilling, enhanced recovery techniques, and optimization of existing infrastructure. Advanced data analytics and subsurface modeling play a central role in identifying bypassed hydrocarbons and prioritizing interventions with the highest return.”

“Within the broader energy landscape, mature asset redevelopment is increasingly viewed as a pragmatic pathway to meet near- and medium-term energy demand while operators balance capital discipline, resource efficiency, and emissions considerations.”

     It should be interesting to see where these projects will occur and how successful they will be.

  

 

References:

 

Baker Hughes, Hunt Announce Joint Framework for Redevelopment of Mature Oil and Gas Fields. Baker Hughes. December 15, 2025. Baker Hughes, Hunt Announce Joint Framework for Redevelopment of Mature Oil and Gas Fields | Baker Hughes

Redeveloping Mature Oil and Gas Assets; Baker Hughes and Hunt Oil Company establish a framework to evaluate and extend production from mature oil and gas fields worldwide through technology-led redevelopment. Baker Hughes. Oil & Gas Technology. December 16, 2025. Redeveloping Mature Oil and Gas Assets | Oil Gas Technology

Baker Hughes and Hunt Oil Company join forces to redevelop mature oil & gas fields. EPCIntel.com. December 17, 2025. Baker Hughes and Hunt Oil Company join forces to redevelop mature oil & gas fields