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.