Halliburton wins Aramco contract
New York, November 7, 2009
Halliburton was awarded a broad five-year oilfield service contract by Saudi Aramco to develop wells in the South Ghawar field, the world's largest oilfield, the company has said.
Halliburton did not release financial terms of the deal, which includes an option for a five-year extension, according to a report in our sister newspaper Gulf Daily News.
The company, based in Houston and Dubai, will provide Aramco with 'turnkey' services, which means the wells will be built so that no additional work will be required by Aramco.
The project is expected to use three or four rigs to develop between 153 and 185 oil production, water injection and evaluation wells.
Halliburton said the contract is Aramco's first integrated turnkey drilling award, as part of a strategy to increase collaboration with major oilfield service providers.
Shares in Halliburton yesterday rose 1.1 per cent in premarket trade to $30.90 per share.