Within a span of six months, the oil and gas industry has experienced the roller coaster ride of oil prices reaching $145 per barrel and dropping down to $47. These short-term variations remind us of the wisdom of taking a long-term view and minimizing the overall cost of drilling and production. Costs are a major concern, however, as the industry must extend exploration activity to ultra-deep waters, extreme high-temperature and high- pressure downhole conditions, and unconventional sources of oil and gas.

High prices and rising demand are serving as incentives for oil companies to increase production. Technology advances are essential to increase production through the discovery of new fields and improved extraction from mature fields. Technological innovation requires a long-term vision and significant investment in facilities, testing equipment, research scientists and application engineers.

Volume 13, Number 2, 100 Years of Service Special Edition

In 2007, Baker Hughes is proudly celebrating 100 years in the oilfield service industry. This special issue of InDepth magazine tells the story of the individual pioneers and the companies that shaped today's Baker Hughes. We trace our beginnings to the technological innovation and entrepreneurial spirit of Reuben Carl Baker who patented an innovative casing shoe in 1907, and Howard Hughes, Sr. whose roller cone bit revolutionized rotary drilling in 1909.

There is a growing interest in the oil and gas industry in accessing and producing hydrocarbons from stranded reserves. This is a core competency for Baker Hughes. Our Drilling & Evaluation group offers formation evaluation technologies to identify and quantify the stranded reserves for locating economically viable opportunities. Using our rotary steerable systems with reservoir navigation capabilities, you can drill precisely through the payzones. Our Completion & Production group can then construct a multilateral well and provide artificial lift, flow assurance and permanent monitoring capabilities to efficiently produce the stranded reserves.

Volume 12, Number 1 Extending Field Life

This issue of InDepth magazine is intended to explore many of the currently available Baker Hughes technologies that can assist our customers in extending their field life, which will not only create value for those customers, but benefit consumers of hydrocarbons throughout the world.

This issue of InDepth magazine presents advanced technologies from Baker Hughes that are helping oil and gas operators reduce expenses and increase the reliability of lower cost development and infill wells.

This issue of InDepth magazine presents advanced technologies from Baker Hughes that are helping oil and gas operators reduce risk and increase reliability of drilling, completing and producing from wells under high-pressure/high-temperature (HPHT) conditions. HPHT is generally defined as pressures exceeding 15,000 psi (1064 bar) and temperatures in excess of 350° F (177° C).