Halliburton Awarded Multi-Million Dollar Russian Contract



Halliburton (NYSE:HAL - News) International Inc., Russia has been awarded a multi-million dollar contract by Salym Petroleum Development N.V. (SPD) for exploration and production services in Moscow, Russia. Under the contract, Halliburton will carry out directional drilling support and performance optimization as well as provide drilling fluids engineering, cementing and pumping services. The three-year contract calls for new wells to be drilled from five drilling rigs and will include 300 S-shaped wells, as well as directional and extended reach wells. The average true vertical depth (TVD) of the wells will be 2,600 meters.

Rick Tompkins, vice president, Halliburton International Inc., Russia, said: "Halliburton has been delivering services to SPD for two years and in so doing, has demonstrated service quality that corresponds to the highest Health/Safety/Environment standards. SPD's drilling the limit (DTL) approach challenges us to continuously improve our performance."

The SPD oilfields are located in Khanty-Mansiysk Autonomous Okrug, 120 kilometers southwest of Surgut. The oilfields include West Salym, Upper Salym and the Vadelyp fields. The estimated project implementation period is approximately 30 years. In terms of total investment -- US$1.25 billion -- the SPD project is one of the largest investment projects involving foreign capital in the Russian energy sector.

Halliburton, founded in 1919, is one of the world's largest providers of products and services to the petroleum and energy industries. The company serves its customers with a broad range of products and services through its Energy Services Group and KBR. Visit the company's World Wide Web site at www.halliburton.com.
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