SAUDI ARABIAN OIL COMPANY: Saudi Aramco Awards Halliburton Contract for Unconventional Gas Stimulation Services

Saudi Arabian Oil Company issued the following announcement on May 27.

Saudi Aramco CEO Amin H. Nasser (standing center), Halliburton CEO Jeffrey A. Miller (standing first from L) and Saudi Aramco Sr. VP for Upstream Mohammed Y. Al Qahtani (standing first from R), attended the signing ceremony for unconventional gas stimulation services contract on May 27, 2018 at Saudi Aramco headquarters in Dhahran, Saudi Arabia.

Saudi Aramco today signed the Unconventional Gas Stimulation Services contract with Halliburton to further improve the economics of Saudi Aramco’s Unconventional Resources Program.

The contract signing ceremony, which was attended by Amin H. Nasser, President and CEO of Saudi Aramco and Jeffrey A. Miller, President and CEO of Halliburton, reflects Saudi Aramco’s pursuit of unconventional gas to serve domestic needs, offset local crude burning, provide feedstock for chemical industry development, and spur regional economic development in line with Vision 2030, the Kingdom’s national transformation program.

The new agreement will provide lump sum turnkey stimulation services which include major hydraulic fracturing and well intervention operations.

Amin H. Nasser said: “Over the past three years, Saudi Aramco has made great strides in developing our unconventional resources program, with emphasis on unconventional gas as an important clean energy source for the Kingdom’s future. Now, with this contract formalized today with Halliburton, we enter the important next phase of achieving our gas expansion objectives. Halliburton has been a reliable provider of products, services and technologies to our company for many decades. We welcome their expertise in unconventional resources, and we have great confidence in our joint ability to achieve operational and cost efficiencies for this important growth area.”

Saudi Aramco’s Unconventional Resources program spans three areas of Saudi Arabia: North Arabia, South Ghawar and Jafurah/Rub’ Al-Khali.

Original source: http://www.saudiaramco.com/en/home/news-media/news/halliburton-contract-unconventional-gas-stimulation.html