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Halliburton wins Saudi Aramco turnkey drilling deal for South Ghawar
Source: BI-ME , Author: BI-ME staff
Posted: Sat November 7, 2009 12:55 pm
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INTERNATIONAL. Halliburton Baroid Industrial Drilling Products (Halliburton) has reached agreement with Saudi Aramco on an integrated turnkey drilling contract to develop wells in the world's largest oil field, South Ghawar, 124 miles from Dhahran, the company said on Friday.

The five-year project, with an option for an additional five year extension, calls for a full range of Halliburton’s integrated technologies and services, including the provision of drilling rigs, directional and horizontal drilling, logging while drilling, cementing, mud engineering, wireline logging, completion, perforating, and other well construction activities.

Halliburton did not release the financial terms of the deal.

The contract is Aramco's first-ever integrated turnkey drilling award, as part of a strategy to increase collaboration with major oilfield service providers, Halliburton said.

It will involve between 153 and 185 oil production, water injection, and evaluation wells. The contract is Saudi Aramco's first integrated turnkey drilling project and marks an important step in the company’s plan to explore new avenues of collaboration with major oil field services providers.

The deal comes more than two years after Houston-based Halliburton set up another headquarters in Dubai and posted its chief executive there to sharpen its focus on the Middle East.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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