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Halliburton (HAL) Wins Seven Next-Phase Ichthys Contracts

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HalliburtonCo. HAL announced that it has secured seven drilling and completion services contracts for the Ichtys LNG project in Australia from Japanese oil and gas firm INPEX.The project received an approval in December 2019 to carry out the next phase of development drilling on the project.

Development in the Browse Basin offshore northern Australia, where the Ichthys field is located, is set to commence in March 2020 and expected to continue for roughly three years. The contracts include directional drilling, logging while drilling, surface data logging, drilling and completions fluids, cementing, liner hangers, coring as well as completions services.

Halliburton stated that its facilities in Jandkot and Broome, located in western Australia, will support the project and it will hire locally in Broome to support the work. Financial terms of the deal are yet to be disclosed.

Located in the Timor Sea, approximately 220 kilometers offshore Western Australia and 820 km southwest of Darwin, the Ichthys field holds an estimated 500 million barrels of condensate and more than 12 trillion cubic feet of natural gas. Covering an area of around 800 square kilometers in water averaging depths of around 250 meters, the field was discovered in 2000 and developed by INPEX in partnership with TOTAL (TOT - Free Report) , Tokyo Gas, Osaka Gas, Chubu Electric Power, Toho Gas, Kansai Electric Power and CPC.

Houston, TX-based Halliburton is one of the largest oilfield service providers in the world, offering a variety of equipment, maintenance as well as engineering and construction services to the energy, industrial and government sectors. With presence in more than 80 countries, it operates under two main segments: Completion and Production as well as Drilling and Evaluation. The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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