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Halliburton and Gazprom Neft to cooperate on technology; unconventional resources and deepwater

Halliburton entered into an agreement of cooperation with Gazprom Neft for the introduction of new technologies to improve operational efficiency in Gazprom Neft fields. Representatives of the two companies will collaborate on technological solutions for hard-to-recover reserves, unconventional resources, deepwater and other projects.

Gazprom Neft specialists will provide Halliburton with updated data on implementation of specific projects and Halliburton experts will offer technological solutions.

The strategic objective of Gazprom Neft is to increase hydrocarbon production to 100 million tons of oil equivalent by 2020. According to our estimation, more than half of all our oil will be produced using innovative technologies. Enhancement of mature field development efficiency and implementation of new major projects involve technological challenges. 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.

—Gazprom Neft first deputy general director Vadim Yakovlev

100 million tonnes of oil equivalent is approximately 700 million barrels of oil equivalent, or about 1.9 million boe per day. In 2012, the Gazrpom Neft group of companies posted production of almost 60 million tonnes of oil equivalent.

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