Halliburton To Provide Its Services To Russia

Halliburton International Inc. and Sibneft, signed an agreement that will give Halliburton the ability to deploy all of its product service lines to the Russian oil and gas market. Sibneft intends to use Halliburtonís new technologies to improve well construction and production processes and overall project management. Halliburton, currently providing its Sperry-Sun and Baroid product service line applications to Pride Furasol/Sibneft for extended horizontal reach wells, will expand its offering to other product service lines as required. An engineering team comprised of Sibneft and Halliburton specialists will evaluate projects and implement the optimum application of technologies for those projects. An immediate deployment of Coil Tubing and Nitrogen Services will be initiated and these services will be provided throughout the Noyabrskneftegas operational area.

"The current and future services provided under this framework agreement and a close relationship with Sibneft will give Halliburton a broader geographic presence and increased market share in Russia," said Dave Lesar, chairman, president and CEO of Halliburton. "It will also allow Halliburton to introduce and implement technologies that are new to the area."

Eugene Shvidler, Sibneft's president, said: "Sibneft's strategy aims at maximum involvement of the best service companies. Utilization of Halliburton's technologies, which are unique for Russia, will allow Sibneft to maintain the leadership in the industry. Moreover, the engagement of a new service company will contribute to the development of high-tech services market in West Siberia, and that has always been our goal".

"With the commencement of Coil Tubing and Nitrogen Services, Halliburton will also have the opportunity to introduce to Sibneft advanced Coil Tubing technologies as well as all other services applicable to Sibneft's operation for both the upstream and downstream businesses," said Jacek Gawron, Halliburton Eurasia vice president. "Through close collaboration in an Engineering Team, Halliburton and Sibneft will develop well construction and completion processes, which will be implemented by Halliburton as the general contractor for Sibneft. The joint Engineering Team will evaluate reservoir and geological data and create reservoir models, which Drilling and Production experts will use to apply the best in class technologies to develop and produce oil and gas reservoirs. This team will implement globally accepted processes and technologies that will significantly improve the operational performance of Sibneft's assets."

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