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Halliburton And Mobil To Develop Parks Field
HOUSTON, Texas - Halliburton Energy Services announced that they have signed an agreement with Mobil Exploration and Producing U.S. Inc. (MEPUS) to develop Mobil's Parks Devonian field in the Permian Basin. The initial agreement includes five horizontal wells to be completed in 1997. The agreement will potentially lead to full development of the field with 15 horizontal wells.
Halliburton will provide the capital and project management for the development. The agreement will enable Mobil to focus resources in other areas, while realizing early cash flow from the Parks Devonian. Halliburton will be compensated from its interest earned in the production from the wells drilled.
David Reamer, Halliburton's vice president of Integrated Solutions said, "This agreement is indicative of Halliburton's willingness to move beyond the traditional provision of its products and services to the broader role of solutions provider and development partner."
The agreement brings together Halliburton's horizontal drilling and completion technology and experience with Mobil's specific expertise in the Parks Devonian. Halliburton will be the project manager and lead contractor with Mobil providing wellsite supervision and wellbore construction engineering. Halliburton will also provide the drilling and completion rigs, wellsite facilities, subsurface products and services, and all third-party services necessary to complete the project.
"This agreement allows Mobil to develop the Parks field and at the same time, focus our capital and resources elsewhere," said J.S. (Jan) Byth, business unit leader MEPUS -- Onshore Gas. "Both parties share in the risks and rewards, and interests are better aligned."
Halliburton Energy Services Inc., a Halliburton Company organization (NYSE: HAL), is a leading supplier of products, services and integrated solutions to the energy industry on a global basis.
Contact
Brandon Lackey
Public Relations
(p) 713.624.3463
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