Halliburton awarded mature field contracts from Petroamazonas


Halliburton (NYSE: HAL) 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 $1 billion during the first five years to enhance oil recovery from existing wells and discover new hydrocarbon 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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...