Integrated Asset Management to help increase Ecuadorian production
HOUSTON--(BUSINESS WIRE)--Oct. 8, 2014--
Halliburton (NYSE: HAL) today announced it has signed long-term
contracts with Petroamazonas, Ecuador’s state-run oil company, to
provide field development and project management, as well as drilling
and completions services, across nine mature fields, including the Palo
Azul, Lago Agrio and Victor Hugo Ruales fields. The contracts terms are
15 years plus a potential five-year extension. Halliburton plans to
invest approximately $1 billion during the first five years to enhance
oil recovery from existing wells and discover new hydrocarbon reserves.
“The development and deployment of Halliburton’s technology to improve
production from previously produced reservoirs will immediately assist
Petroamazonas’ objective to maximize the value of these mature assets,”
said Jim Brown, president of Halliburton’s Western Hemisphere. “We have
provided consulting and well-related services to Petroamazonas for many
years and now welcome the opportunity to bring this customer our full
range of technologies and Integrated Asset Management to increase
production and reserves.”
Halliburton’s groundbreaking mature field oil and gas solutions help
enable recovery of remaining and bypassed reserves that were not
previously economic. Applying a holistic approach, reservoir
understanding and the latest improvements in well configurations and
production systems will optimally energize these mature reservoirs.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest providers of
products and services to the energy industry. With more than 80,000
employees, representing 140 nationalities in over 80 countries, the
company serves the upstream oil and gas industry throughout the
lifecycle of the reservoir - from locating hydrocarbons and managing
geological data, to drilling and formation evaluation, well construction
and completion, and optimizing production through the life of the field.
Visit the company’s website at www.halliburton.com.
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Source: Halliburton
Halliburton
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