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Halliburton Signs Joint Venture Agreement With Chinese Petroleum Bureau On Presidential Mission
HOUSTON, Texas - Halliburton Energy Services today signed an exclusive joint venture agreement with the Liaohe Petroleum Exploration Bureau for the manufacture and sale of flow measurement equipment. The agreement was signed as part of a presidential business development mission to China led by U.S. Secretary of Energy Hazel O'Leary.
The joint venture, owned 51% by Halliburton and 49% by the Liaohe Petroleum Bureau, will produce and sell high technology turbine flow meters and flow measurement products for oilfield service applications in China and throughout the world. The ten-year venture is projected to generate revenue of $40 million.
The Liaohe Petroleum Bureau will build the required liquid and gas meter calibration systems according to Halliburton specifications. Halliburton will transfer technology and provide technical training in the areas of manufacturing and assembly, calibration, product sales and marketing, and flow measurement operations.
Halliburton, the largest U.S.-based oilfield service company, signed the cooperative agreement as part of the Presidential Mission on Sustainable Energy and Trade to China led by U.S. Secretary of Energy Hazel O'Leary. According to Secretary O'Leary, "The Halliburton/Liaohe agreement is a strong indication of the new climate that is being created between the U.S. and China for commercial partnerships in sustainable energy technology. The Chinese energy sector offers tremendous opportunities for American- based firms to participate as partners in this expanding energy market while helping create supporting jobs in the United States."
Dale Jones, President of Halliburton Company, is accompanying Secretary O'Leary on the mission along with several other key energy industry executives. Jones said that Halliburton has had a strong relationship with the Chinese for many years, highlighted by the formation in 1993 of a joint service company with the Chinese National Petroleum Company (CNPC) to supply a wide range of products and services to the oil and gas industry in China.
The Liaohe province contains the third largest producing oil and gas field in China generating approximately 14 million tons of oil and 1.7 billion cubic meters of gas annually. Founded in 1967, the Liaohe Petroleum Bureau employs about 117,000 people.
Halliburton Energy Services, a Halliburton Company (NYSE: HAL) organization, is one of the world's leading suppliers of energy products and services. Founded in 1919, the organization provides a broad range of services and products to the energy industry on a global basis.
Contact
Brandon Lackey
Public Relations
(p) 713.624.3463
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