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.