Monday, September 27, 2010

Halliburton (NYSE:HAL) Acquires Permedia Research Group

Halliburton (NYSE:HAL) announced it has acquired Permedia Research Group, which is based in Ottawa, Canada.

Gene Minnich, vice-president of the Halliburton division said, "The Permedia acquisition builds on our strategy to deliver integrated and differentiated basin-to-reservoir scale solutions and will provide our customers with a better understanding of hydrocarbon generation, migration and trapping mechanisms.

"Combined with Halliburton's leadership in deepwater exploration and unconventional resource plays, Permedia's tools and expertise will enable customers to dramatically improve their understanding of hydrocarbon potential and ultimately enhance their exploration and production success."

What Permedia specifically does is simulate the flows of petroleum in basins, while isolating the different types existing in them.

Permedia will get enhanced ability in exploration modelling as well as carbon dioxide sequestering.

Terms of the deal weren't released.

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