Baker Hughes Joins Venezuela Gas Exploration and Kazakhstan Zhanaturmys Block Seismic Survey
Baker Hughes signed technical and commercial agreements with VEPICA and KBR for offshore oil and gas exploration in Venezuela and on the 1,377km2 Zhanaturmys block in Kazakhstan. First gas from Venezuela’s Dragon project is slated for export to Trinidad by Q3 2027, while $160bn Kashagan and Karachaganak arbitrations pose legal risks.
1. Technical and Commercial Agreements
Baker Hughes signed technical and commercial agreements with VEPICA and KBR to support offshore oil and gas exploration in Venezuela’s Dragon project and to conduct seismic surveys and data collection on Kazakhstan’s 1,377km2 Zhanaturmys block, with permits valid through 2032.
2. Arbitration Risks and Project Timelines
The Dragon project targets first gas exports to Trinidad by Q3 2027 to boost Atlantic LNG output, while Baker Hughes faces arbitration exposures following a $4bn Karachaganak dispute loss and ongoing Kashagan claims currently totaling $160bn, highlighting significant legal and financial risk.