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Project(s): View 11 related projects in PECWeb
Plant(s): View 7 related plants in PECWeb
Released October 24, 2017 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Strong sales of its drilling and evaluation products boosted oilfield services firm Halliburton Company (NYSE:HAL) (Houston, Texas) in the third quarter of 2017, with revenues up more than 40%. Industrial Info is tracking $2.28 billion in active projects involving Halliburton, more than 90% of which are under construction in areas as far flung as Saudi Arabia and the North Sea.
The largest project under construction to feature Halliburton is Wintershall Norge AS' (Stavanger, Norway) Maria Offshore Oil and Gas Field Drilling Program in the North Sea, which includes $1.25 billion in subsea equipment installation and $175 million of drilling for production wells. Wintershall is drilling six production wells to recover an estimated 130 million barrels of oil and 2 billion standard cubic meters of gas from the Maria field. The development is ahead of schedule and is expected to start up in the first half of 2018.
Drilling started in March, and the top holes were completed early this year. The subsea equipment includes a pair of four-slot combined production and water-injection templates, with a water-injection well. Crude oil will be processed on the nearby Kristin Platform, then exported to the Asgard Field for storage and offloading to shuttle tankers. Natural gas will be sent to the Karsto Natural Gas Processing Plant in Haugesund, Norway. For more information, see Industrial Info's project reports on the subsea equipment and production wells at the Maria Field.
Halliburton also is a turnkey contractor for Saudi Aramco on several of its projects in Saudi Arabia. This includes two programs that are part of Saudi Aramco's expansion of the Khurais oilfield development: $150 million of drilling development in the Abu Jifan area, and the $120 million of drilling development in the Mazalij area. Each project involves drilling 50 wells to boost output from each field from the existing 30,000 barrels per day (BBL/d)to 100,000 BBL/d. For more information, see Industrial Info's project reports on the Abu Jifan and Mazalij projects.
Earlier this month, Reuters reported that Saudi Aramco plans to expand its turnkey drilling contracts to strengthen its ties with major oilfield service providers like Halliburton. This includes a possible renewal of its deal with Halliburton in the South Ghawar Field, which is near Khurais. Aramco plans to increase its lump-sum turnkey contracts from 25 to 32, although oilfield service companies will be required to remove rigs with poor performances, according to Reuters.
Halliburton's Canadian subsidiary was among the first companies to be awarded contracts for Exxon Mobil Corporation's (NYSE:XOM) (Irving, Texas) Sable Decommissioning Project, offshore Nova Scotia, which is being planned and scheduled for the coming months. The first major phase involves an extensive campaign to plug and abandon wells, for which Halliburton is providing equipment. According to Upstream Online, ExxonMobil has been contemplating the final stages of the Sable development since 2012, after it failed to produce at expected volumes.
The structures set for plugging and abandonment, include:
Halliburton's third-quarter sales stood at $5.44 billion, a 42% increase from third-quarter 2016. Net income was reported to be $365 million, compared with only $6 million in the same period last year. Capital spending for the nine months ended September stood at $934 million, compared with $625 million in the same period in 2016.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
The largest project under construction to feature Halliburton is Wintershall Norge AS' (Stavanger, Norway) Maria Offshore Oil and Gas Field Drilling Program in the North Sea, which includes $1.25 billion in subsea equipment installation and $175 million of drilling for production wells. Wintershall is drilling six production wells to recover an estimated 130 million barrels of oil and 2 billion standard cubic meters of gas from the Maria field. The development is ahead of schedule and is expected to start up in the first half of 2018.
Drilling started in March, and the top holes were completed early this year. The subsea equipment includes a pair of four-slot combined production and water-injection templates, with a water-injection well. Crude oil will be processed on the nearby Kristin Platform, then exported to the Asgard Field for storage and offloading to shuttle tankers. Natural gas will be sent to the Karsto Natural Gas Processing Plant in Haugesund, Norway. For more information, see Industrial Info's project reports on the subsea equipment and production wells at the Maria Field.
Halliburton also is a turnkey contractor for Saudi Aramco on several of its projects in Saudi Arabia. This includes two programs that are part of Saudi Aramco's expansion of the Khurais oilfield development: $150 million of drilling development in the Abu Jifan area, and the $120 million of drilling development in the Mazalij area. Each project involves drilling 50 wells to boost output from each field from the existing 30,000 barrels per day (BBL/d)to 100,000 BBL/d. For more information, see Industrial Info's project reports on the Abu Jifan and Mazalij projects.
Earlier this month, Reuters reported that Saudi Aramco plans to expand its turnkey drilling contracts to strengthen its ties with major oilfield service providers like Halliburton. This includes a possible renewal of its deal with Halliburton in the South Ghawar Field, which is near Khurais. Aramco plans to increase its lump-sum turnkey contracts from 25 to 32, although oilfield service companies will be required to remove rigs with poor performances, according to Reuters.
Halliburton's Canadian subsidiary was among the first companies to be awarded contracts for Exxon Mobil Corporation's (NYSE:XOM) (Irving, Texas) Sable Decommissioning Project, offshore Nova Scotia, which is being planned and scheduled for the coming months. The first major phase involves an extensive campaign to plug and abandon wells, for which Halliburton is providing equipment. According to Upstream Online, ExxonMobil has been contemplating the final stages of the Sable development since 2012, after it failed to produce at expected volumes.
The structures set for plugging and abandonment, include:
- Four wells at the Thebaud Platform; see project report
- Three wells at the North Triumph Platform; see project report
- Five wells at the Venture Platform; see project report
- Three wells at the South Venture Platform; see project report
- Three wells at the Alma Platform; see project report
Halliburton's third-quarter sales stood at $5.44 billion, a 42% increase from third-quarter 2016. Net income was reported to be $365 million, compared with only $6 million in the same period last year. Capital spending for the nine months ended September stood at $934 million, compared with $625 million in the same period in 2016.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
