Wednesday, September 1, 2010

Halliburton (NYSE:HAL) Lands Iraqi Contract with Eni (NYSE:E)

Halliburton (NYSE:HAL) won a contract in Iraq from Eni (NYSE:E), an Italy-based energy company. The oil giant will work on the Zubair field in the southern part of Iraq.

According to Halliburton, they've already begun working on the wells, which including the testing of 20 of them for the purpose of increasing oil production at them.

Based on a confidentiality clause in the contract, details of the contract can't be revealed, although Halliburton did say is was a "multimillion dollar" deal.

In a statement, Halliburton Chairman and CEO David Lesar said, "Halliburton has made a strategic investment in our Iraqi infrastructure and the award of this contract, coupled with the recent letter of intent awarded by Shell and its partners, demonstrates that we have the technology and people in place to deliver in Iraq."

Earlier in August Halliburton said they also made a deal with a consortium led by Shell (NYSE:RDS-A) to help develop the Majnoon oil field, also in southern Iraq.

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