Halliburton wins Peng Lai drilling contract in Bohai Bay

A Halliburton (HAL) subsidiary Sperry Drilling has been awarded a two-year contract with options from ConocoPhillips (COP) China Inc. for the provision of drilling services. 

For a consideration of $40 million, Sperry Drilling will provide directional drilling and logging-while-drilling services to the Peng Lai offshore development in China’s Bohai Bay. Work begins immediately. 

Peng Lai Oil Field

Discovered in May 1999, the Peng Lai oil field (PL) is located on offshore Block 11/05. The field was developed in multiple phases using six wellhead platforms, a central processing platform and two FPSOs.

First oil was achieved at Peng Lai in December 2002 through the first developmental phase on the field. The second phase of development commenced production in June 2007.

ConocoPhillips China serves as the operator of the Peng Lai oil field with 49 percent interest, and Chinese national oil company CNOOC holds the remaining 51 percent interest in the field.

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