Halliburton signs multilateral frame agreement with Statoil
Statoil has contracted Halliburton (NYSE: HAL) to supply multilateral technology (MLT) for two mature fields offshore Norway.
HOUSTON – Statoil has contracted Halliburton (NYSE: HAL) to supply multilateral technology (MLT) for two mature fields offshore Norway. The three-year frame agreement includes two optional periods of two years each and has an estimated value of more than $200 million.
The new FlexRite Multibranch Inflow Control junction and the FlexRite Intelligent Completion Interface junction will form the basis of this frame agreement. Together, these sealed junction MLT systems enable flow control capability of all laterals in multiple legged MLT wells.
Together with other improved oil recovery projects Halliburton’s MLT technology has contributed to Statoil's increased oil production from theTroll field. The current drilling plan for these fields is estimated to include 119 new junction installations or about 75% of the planned multilaterals offshore Norway.