Halliburton furloughs 3,500 staff at Houston Headquarters

Halliburton will furlough about 3,500 workers at its Houston headquarters as crude prices plunged to an 18-year low. Halliburton Company has released NitroForce a new drilling motor that provides increased power and performance. Halliburton has announced that Pertamina, the largest Indonesian oil and gas company, deployed all of their petro-technical applications.

Company has unveiled the SPIDRlive Self-Powered Intelligent Data Retriever. SOCAR-AQS and Halliburton Company have signed a Memorandum of Understanding (MOU) to form a new joint venture (JV). Halliburton has been awarded seven contracts for drilling and completion services for the next phase of field development.

Petrofac’s Engineering and Production Services division (“EPS”) has signed a well management contract under Maersk Drilling’s master alliance agreement. Halliburton Company has signed a strategic agreement with the Advanced Remanufacturing and Technology Center (ARTC).

The mandatory time-off will last as long as 60 days, Halliburton said in an emailed statement. Employees will work one-week-on, one-week-off schedules. The US Department of the Interior’s Acting Assistant Secretary for Land and Minerals Management, Casey Hammond. Halliburton Company has released ten new DecisionSpace 365 E&P cloud-native applications.

The oilfield-services company tries to cut costs in a difficult market. INPEX-operated Ichthys Project in the Browse Basin offshore northern Australia. Maersk Drilling is responsible for providing fully integrated drilling services. Halliburton is the only oilfield services company with membership in ARTC.

Benefits, including health insurance, won’t be interrupted. The sale would include all available unleased areas in federal waters of the Gulf of Mexico that are not subject to Congressional moratorium. The well development campaign is due to start in March 2020 and will continue for an estimated 3-year term.

Halliburton is the latest oil giant to scale back as drillers around the world face the worst oil market crash in a generation. Unconventional well testing and fracture interaction monitoring technology that acquires real time well data. Halliburton will leverage the organisation’s pool of engineers and researchers to help drive the development.

Parsley Energy Inc. announced a 40% spending cut while ConocoPhillips disclosed plans to trim outlays on drilling. The iEnergy cloud helps reduce corporate infrastructure costs and improve the effectiveness and efficiency of integrating, managing. The intervention to reduce costs and improve fracture understanding for greater recovery.

The hired hands of the oil patch like Halliburton are expected to see customer spending on new wells and fracing to drop significantly from prior expectations. Offshore energy development is about furthering America’s energy security, ensuring fair market value to the taxpayers. The leverage advances in digital technology to help operators reduce exploration risk.

Dr. Sriram Srinivasan, vice president says “We are excited about the possibilities to advance the way we complete oil and gas wells through harnessing the power of innovative ideas”.

Drilling and fracing orders “could fall off a cliff” during the second half of this year, analysts at the Houston boutique energy bank wrote last week in a note to investors. The motor delivers high reliability helping operators reduce potential motor failure and increase drilling speed to save well time and costs. The combination of hydraulic fracturing and horizontal drilling unleashed a decade ago.

Company supporting well data across the company’s units and subsidiaries. Petrofac has been appointed by Maersk to deliver well management services, including project. The Landmark hybrid cloud designed to deploy, integrate and manage customers E&P applications. The SPIDRlive retriever combines quartz-based hardware and proprietary modeling software to capture high-resolution.

It has been especially hard-hit by a price war between low-cost producers Russia. The Gulf of Mexico Outer Continental Shelf (OCS), covering about 160 million acres, is estimated to contain about 48 billion bbl of undiscovered technically recoverable oil. It provide a broad suite of oilfield products and services in Azerbaijan.

Chief executive officer, Dr. David Low says “I am pleased to have Halliburton join the ARTC consortium, and I look forward to our adventure of co-creation and open innovation”.

The multiyear contract will deploy capabilities including artificial intelligence, machine learning and data analytics. In unconventional wells, operators can acquire data to optimise fracture design or perform an engineered flow-back. Two wells in the UK North Sea have previously been announced as part of the work scope.

Halliburton’s partnership with ARTC reflects the growing technical capabilities in Singapore. Lease Sale 254, scheduled to be livestreamed from New Orleans, Louisiana, will be the sixth offshore sale under the 2017 – 2022. Explorers in the Permian Basin of Texas and New Mexico, the largest U.S. shale play, need oil above $47 a barrel to break even.

Halliburton fell 7.2% to $5.70 at 9:50 a.m. in New York trading, after earlier dipping as much as 10%. Company pleased to collaborate with Pertamina on their digital transformation to enable greater efficiency. This is a positive example of how oil & gas companies can collaborate with Singapore to develop and test innovative solutions.

Two Gulf lease sales will be held each year and include all available blocks in the combined Western. The NitroForce motor delivers longer runs with less wear by using new proprietary Charge elastomers. The aims of the Maersk Drilling and Seapulse alliance closely align with own operating principles.

The shares have lost 77% of their value this year. The JV will be based in Baku, Azerbaijan, and will focus its business development and operations both on onshore and offshore Azerbaijan. The contracts awarded include directional drilling, logging while drilling, surface data logging, drilling.

ExxonMobil Corp. vowed earlier this week to “significantly” cut capital spending. Chevron Corp. is also reviewing options to rein in expenditures. Company designed this technology to deliver critical well data to the surface with an emphasis on simplicity. Company excited to win this work and to collaborate with INPEX to deliver our extensive drilling and completions services.

BP Plc may slash spending by as much 20% this year. Petrofac and Halliburton bring strong operational expertise and decades of experience in delivering. ARTC is a leading public-private partnership platform with over 70 members ranging from global multinational corporations. BOEM’s mission is to oversee leasing of OCS energy.

The design allows for a higher flow rate for improved hole cleaning and increased rate of penetration. Halliburton’s Western Australian facilities in Jandakot and Broome will support the project. U.S. benchmark West Texas Intermediate crude fell below $24 a barrel to the lowest since June 2002 on Wednesday.

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