Halliburton Signs Contracts With Ecuador's Petroamazonas, To Invest $1 Bln

(RTTNews) - Oilfield services provider Halliburton Co. (HAL) announced Wednesday that it 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.

These works will be done 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 said it plans to invest approximately $1 billion during the first five years to enhance oil recovery from existing wells and discover new hydrocarbon reserves.

Jim Brown, president of Halliburton's Western Hemisphere, said, "The development and deployment of Halliburton's technology to improve production from previously produced reservoirs will immediately assist Petroamazonas' objective to maximize the value of these mature assets. We have provided consulting and well-related services to Petroamazonas for many years and now welcome the opportunity to bring this customer our full range of technologies and Integrated Asset Management to increase production and reserves."