NEW YORK (Reuters) – Halliburton Co. on Wednesday said it was awarded a multimillion-dollar oilfield services contract by Saudi Aramco for its Khurais project, which is slated to add 1.2 million barrels per day (bpd) by 2009.
State oil firm Aramco has called the Khurais project its biggest crude increment program and Halliburton described it as the largest in the Gulf Arab region since the 1950s.
Halliburton said the three-year contract would utilize up to 23 rigs to drill more than 300 wells. The U.S. firm called it a “multimillion-dollar contract,” but did not specify terms.
OPEC giant Saudi Arabia, the world’s largest oil exporter, has speeded up oilfield expansion plans to boost its production capacity to 12.5 million bpd by 2009 to meet world demand, and maintain spare capacity of at least 1.5 million bpd.
The Khurais oilfield is expected to add 1.2 million bpd of Arabian Light crude by June 2009.
The project covers three oilfields — Khurais, Abu Jifan and Mazalij — and involves building crude and gas facilities. It would produce 315 million cubic feet per day of sour gas and 70,000 bpd of natural gas liquids.
The Saudi National Security Assessment Project has estimated the cost of the Khurais development project at $6 billion.
In March, Saudi Arabia officially opened its $850 million Haradh oilfield project, five months ahead of schedule, to add 300,000 bpd of crude and raise its capacity to 11.3 million bpd.