Oct 23 (Reuters) - Engineering company Corac Group Plc (CRAU.L: Quote, Profile, Research, Stock Buzz) said on Thursday it reached a development agreement with Centrilift, a unit of oilfield services company Baker Hughes Inc (BHI.N: Quote, Profile, Research, Stock Buzz), to adapt equipment for use in its downhole gas compressor (DGC).
Centrilift, a supplier of downhole power cables, connectors and electrical submersible pumps (ESP) for oil well applications, will adapt its cables and connectors used in its ESPs into equipment suitable for the Corac's DGC.
Corac has been working with joint industry programme partners Eni SpA (ENI.MI: Quote, Profile, Research, Stock Buzz), British unit of ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) and Spain's Repsol YPF (REP.MC: Quote, Profile, Research, Stock Buzz) for the last three years to develop the technology.
Corac and Centrilift have also agreed to enter into a joint marketing and licensing agreement to sell DGCs and related equipment into the international gas market through Baker Hughes' worldwide sales and support network, Corac said.
At 0908 GMT, Corac shares were down 2.63 percent at 38 pence. (Reporting by Ramkumar in Bangalore; Editing by Himani Sarkar)
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