BP Awards Halliburton High-Value Contracts
HOUSTON - Halliburton (NYSE: HAL) has been awarded long-term high-value contracts by BP Angola.
BP´s Angola Program covers up to four developments, to be based on a standardized design, and drilling activity is scheduled to commence in 2010. The first development in Block 31, PSVM, was recently sanctioned by BP Angola and its partners. Commitments related to the remaining three developments are anticipated to be awarded upon sanction of the additional projects, with the drilling program taking place over a multi-year period. The development program in total is expected to eventually exceed 150 wells.
The contracts awarded to Halliburton encompass the key elements of Well Completions including Upper and Lower Completions Equipment and Downhole Flow Control. In addition, Halliburton has been awarded the Drilling and Completions Fluids business for these wells.
The estimated value of these contracts will, if all four developments are sanctioned, be in excess of $600MM.
Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With more than 55,000 employees in approximately 70 countries, the company serves the upstream oil and gas industry throughout the life cycle 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 Web site at www.halliburton.com.
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