facebook
twitter
rss
account
search
search
 

Halliburton seals tech deal in Russia

Aug. 14, 2013 at 7:06 AM   |   Comments

MOSCOW, Aug. 14 (UPI) -- Russian energy company Gazprom Neft said it reached a deal with oil services company Halliburton to help meet production benchmarks for 2020.

Halliburton reached a strategic cooperation agreement with Gazprom Neft, the oil production subsidiary of energy company Gazprom. The deal is for the introduction of new field production technology that will help stimulate Gazprom Neft's assets.

Konstantin Schilin, general director of Halliburton's Russian operations, said his company invests heavily in development projects to facilitate exploration and production of hydrocarbon resources.

Gazprom Neft said it would rely on Halliburton's innovations to increase production to approximately 750 million barrels of oil equivalent by 2020. The Moscow Times reported Tuesday the Russian oil company may be interested in tapping into shale deposits at home.

"Enhancement of mature field development efficiency and implementation of new major projects involve technological challenges," Gazprom Neft first deputy general director Vadim Yakovlev said in a statement. "In order to solve these problems, we are actively cooperating with Russian and foreign service companies choosing the most suitable modern technologies for our oilfields."

Financial terms of the deal weren't disclosed.

Topics: Gazprom Neft
© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Newfoundland fossil is earliest evidence of muscled animals
2
Obama's plan calls for computer chip implants to help soldiers heal
3
Washington State's Elwha River flows free once again
4
Study: gamblers' brains not unlike those of pigeons
5
Wolf yawns are contagious
Trending News
Video
x
Feedback