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Halliburton Launches Initiative to Revolutionize Deepwater Development
Breadth and depth of integrated resources enable Halliburton to dramatically improve economic recoverability and reduce development cycle time for well development and exploration in ultra-deep water.
HOUSTON, TX - Halliburton Company’s (NYSE: HAL) Energy Services Group has launched an initiative to integrate people, technologies and processes designed to revolutionize deepwater development through the knowledge of extraordinary people providing real-time deepwater services and solutions. This effort is fully aligned with our vision to be the real-time, knowledge company servicing the upstream industry.
The search for oil and gas reserves is rapidly expanding into deepwater and ultra-deepwater. Exploration and development in ultra-deep water - depths of 6,000 to 10,000 feet -bring new challenges, chief among them cost, safety, and environmental issues. To meet the challenges, Halliburton is focusing on the integrated resources of its Halliburton Energy Services, Brown & Root Energy Services, and Landmark Graphics business units.
"We have formed a cross-functional team of industry experts who are leading this charge," said Edgar Ortiz, president and CEO, Energy Services Group. "The team brings together experts in sub-surface, drilling and completions from Halliburton Energy Services; experts in sub-sea and facilities technology, design and delivery from Brown & Root Energy Services; and experts in upstream information management and reservoir modeling from Landmark Graphics."
Some of the results Halliburton Deepwater is focused to deliver as a result of this initiative include:
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A 25 percent reduction in development cycle time, which could potentially double the net present value of an asset. |
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100 percent real-time capability in remote operations. Soon, the information management and decision-making benefits of Halliburton’s Real-Time Reservoir Solutions (RTRS™) initiative will be available to all projects. |
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A reduction in the "time to first oil" cycle through the integration of the earth model with well plan development and optimization of sub-sea and surface production facilities to eliminate costly over- or under-engineering. |
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Improved economic recoverability of reserves, particularly critical for fields with less than 150 million barrels of oil equivalent. |
Mark McCurley, vice president, will be surrounded by a large team of technical and business specialists in the deepwater arena and will lead this initiative. McCurley said, "Extraordinary individuals like Richard D’Souza, Jackie LaFontaine, Glen Alldredge, Dan Miracle and Steve Broadaway are a few of the many reasons this initiative will create solutions for the key deepwater challenges. Their knowledge working in real time is delivering deepwater solutions."
Founded in 1919, Halliburton Company is the world’s leading diversified energy services, engineering, energy equipment, construction and maintenance company. In 1999, Halliburton’s consolidated revenues were $14.9 billion and it conducted business with a workforce of approximately 100,000 in more than 120 countries.
Contact
Zelma Branch
zelma.branch@halliburton.com
Halliburton Company
Public Relations
(p) 713.676.4371
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