Halliburton wins multilateral frame agreement for Statoil in Norway

Tuesday, Feb 19, 2013

Halliburton (NYSE: HAL) has been selected by Statoil to provide multilateral technology (MLT) for two mature fields offshore Norway. The three-year frame agreement includes two optional periods of two years each and has an estimated value of more than $200 million.

The new FlexRite® Multibranch Inflow Control (MIC) junction and the FlexRite® Intelligent Completion Interface junction, of which Statoil has installed approximately 150, will form the basis of this frame agreement. Together, these sealed junction MLT systems enable flow control capability of all laterals in multiple legged MLT wells.

In addition, Halliburton’s MLT solutions offer both environmental and safety benefits by reducing the number of templates needed and the amount of drilling time to reach the reservoir—ultimately enabling greater reserve recovery.

Together with other Improved Oil Recovery projects Halliburton’s MLT technology has contributed to Statoil's increased oil production from the Troll field. The current drilling plan for these fields is estimated to include 119 new junction installations or about 75 percent of the planned multilaterals offshore Norway.

"Previously, technology provided by Halliburton to Statoil, has proven to be an innovation solution for the Norwegian sector of the North Sea," said Luis Mera, Halliburton’s Scandinavia Area Vice President. "We are proud to be part of some of the most complex multilateral solutions being installed in the world."

About Halliburton

Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With more than 72,000 employees, representing 140 nationalities in approximately 80 countries, the company serves the upstream oil and gas industry throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field. Visit the company’s website at www.halliburton.com.

Source: Halliburton

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