Aramco-Halliburton to augment Saudi Arabia O&G industry growth
Date: 2018-06-01   Author: Paroma Bhattacharya  Category: #industry

Aramco-Halliburton to augment Saudi Arabia O&G industry growth

The oil and gas industry witnessed a landmark deal signed between Saudi Aramco and the multinational oilfield services company Halliburton for the development of unconventional resources. The three-year deal will engage Halliburton in improving the production of three of the shale fields of Saudi Aramco.

Reportedly, Saudi Arabia is intent on improving its natural gas production and has a long-term aim to meet petrochemical and domestic goals. The deal is an indicator of the fact that the shale revolution started by the US is crossing the borders of North America and increasing growth avenues for the oil and gas industry the world over.

Jeff Miller, CEO for Halliburton reportedly said in a statement during the contract signing ceremony that the deal will present a remarkable opportunity for Halliburton, the technologies the company has developed, its logistics management and operational expertise in maximizing the asset value of the Saudi Arabian shale fields.

Amin H. Nasser, Saudi Aramco’s CEO, was also quoted to have welcomed the expertise of Halliburton which is a leader in the US unconventional sector, working for projects in Canada, Argentina, and Europe.

Halliburton is planning to use an integrated approach in order to support the increased recovery targets of Saudi Aramco and fulfill production aims by utilizing hydraulic fracturing, wireline and perforating, coiled tubing, providing project management, completion tools and testing services. The terms of the contract remain undisclosed.

Saudi Aramco expects that the new agreement will provide lumpsum turnkey stimulation services and improve the economics for the unconventional sector program of Saudi Aramco. Before signing the present deal, Saudi Aramco has awarded $4.5 billion in deals to other international oil service companies but has met with mixed results.

Mohammed Y. Qahtani, Saudi Aramco senior VP of upstream, was reported to express confidence in Halliburton’s ability to help Aramco meet the domestic demand for unconventional gas and provide raw material for the development of the chemical industry. He also claims that this will spur the regional development that will fulfil the aims of Vision 2030, Saudi’s program for national transformation.



About Author


Paroma Bhattacharya

Paroma Bhattacharya

Paroma currently works as a content developer for AlgosOnline. Fortified with a post-graduation degree in Journalism and Mass Communication, she delved head long into a writing career, creating resourceful and information enriched content in diverse fields. Apart from...

Read More

More from Paroma


Post Recommendents

Global Industrial control computer Market Size, Analytical Overview, Growth Factors, Demand, Trends and Forecast to 2024
Author: Partha Ray

The ' Industrial control computer market' research report added by Market Study Report, LLC, is an in-depth analysis of the latest trends persuading the business outlook. The report also offers a concise summary of statistics, market valua...


Gesture Recognition Touchless Sensing Market Size, Historical Growth, Analysis, Opportunities and Forecast To 2024
Author: Partha Ray

The ' Gesture Recognition Touchless Sensing market' study now available at MarketStudyReport.com, is a detailed sketch of the business sphere in terms of current and future trends driving the profit matrix. The report also indicates a poin...


Trends of Generator Parts Accessories Market Reviewed for 2019 with Industry Outlook to 2024
Author: Partha Ray

The ' Generator Parts Accessories market' research report is latest addition by Market Study Report, LLC, that elucidates relevant market and competitive insights as well as regional and consumer information. In a nutshell, the research st...