Halliburton has signed long-term contracts with Petroamazonas, Ecuador’s state-run oil company, to provide field development and project management, as well as drilling and completions services, across nine mature fields including the Palo Azul, Lago Agrio and Victor Hugo Ruales fields.
The contract terms are 15 years plus a potential five-year extension. Halliburton plan to invest about $1 billion during the first five years to enhance oil recovery from existing wells and discover new hydrocarbon reserves, according to a press release.
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