Boston, MA 10/10/2014 (wallstreetpr) – According to reports, Halliburton Company (NYSE:HAL) has been awarded mature field contracts by Petroamazonas. HAL announced that the well-known state-run oil company of Ecuador offered it a long term contract, which will allow it to provide world-class project management and field development services. Apart from it, HAL would also be responsible for offering completions and drilling services across nine fields that include names like Lago Agrio, Palo Azul and Victor Hugo Ruales fields.
Insights of the contract:
Initial term for these contracts have been fixed at fifteen years, but there is a good scope of extension for another five years. As per the information, Halliburton Company (NYSE:HAL) is planning to invest approximately $1 billion in initial five years for discovering new hydrocarbon reservoirs and increasing oil recovery from the existing wells. According to Jim Brown, President of Western Hemisphere of HAL, the main objective as of now is to help Petroamazonas maximizing the value of mature assets. The deployment and development of world-class technology of HAL will give efficient assistance to Petroamazonas in attaining various objectives.
Brown added that HAL has been in touch with Petroamazonas for many years for providing well-related consulting services for various objectives. It’s pleasure to bring a customer like Petroamazonas on board and offering wide range of integrated asset management and technical services for increasing reserves and production. Halliburton Company (NYSE:HAL) is known for offering various world-class groundbreaking gas and oil solutions in order to recover bypassed and remaining reserves that were not economic in the past.
Over the past few years, the industry structure has changed significantly. Those who are not able to adapt the changes have got failed while others like Halliburton Company (NYSE:HAL) have been able to offer world class solutions to its clients. It is open for making further advancements in its offerings for serving its clients in an effective way.