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Halliburton, Baker Hughes eye $300m Saudi deals

Khobar (Saudi Arabia), March 15, 2010

Major oilfield service companies including Halliburton Company and Baker Hughes have submitted bids for drilling and other work worth $300 million at the Khafji field that Saudi Arabia shares with Kuwait, industry sources said on Monday.

The contract, which was held by Schlumberger Ltd since 2005, expired last year but had been renewed by one year to May this year, one source familiar with the matter told Reuters.

Under the new three-years contract, the winning company would provide operational services for 151 wells including cementing, stimulation, directional drilling, and workover, the source said.

Halliburton Company, Baker Hughes, Weatherford International and Schlumberger bid for the deal, which has a value estimated at around $300 million, he added.

Bidding started on January 5 and closed on March 15, two sources said.

Khafji, which is in the Neutral Zone between the two Opec members, has oil production capacity of around 550,000 bpd. Both countries plan to boost capacity in the zone to 700,000-900,000 bpd by 2030.

The Al-Khafji Joint Operations Company is split between Aramco Gulf Operations, a subsidiary of Saudi Aramco and state-owned Kuwait Gulf Oil Company.-Reuters




Tags: Saudi | Halliburton | Baker Hughes | drilling work |

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