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Petroleum industry

Halliburton Reaches Advanced Stage in Barracuda and Caratinga Offshore Fields Development

Strategic Insights

— 1 min read

Halliburton Company has made significant progress in its discussions with Barracuda & Caratinga Development Corporation (BCDC) for the development of the Barracuda and Caratinga offshore fields in Brazil. The negotiations have resulted in a satisfactory price for BCDC and an agreed execution plan and delivery schedule. The contract, valued at over $2.5 billion, will be performed by Halliburton's business units, including Brown & Root Energy Services (BRES) and Halliburton Energy Services (HES). The project involves the construction of 51 wells, fabrication and installation of flowlines and risers, construction and installation of two floating production, storage, and offloading vessels (FPSOs), and commissioning, start-up, and operations support for both fields.

Key Takeaways:

  • The contract value exceeds $2.5 billion, with a significant portion of the work to be performed in Brazil.
  • The project scope includes the construction of 51 wells, fabrication and installation of flowlines and risers, construction and installation of two FPSOs, each with a storage capacity of 2 million barrels and production capabilities of 150,000 barrels per day.
  • Halliburton's business units, BRES and HES, will perform the contract, with Petrobras EP providing drill rigs and drilling management services.
  • The project will create a minimum of 40 percent of the value of the FPSOs' work in Brazil.
  • Halliburton Energy Services provides integrated solutions for oil and gas exploration, development, and production, with capabilities ranging from initial evaluation to drilling, completion, and well maintenance.
  • Brown & Root Energy Services supplies engineering, construction, operations, and maintenance services to the upstream oil and gas industry worldwide.
  • Halliburton Company is the world's leading diversified energy services company, with consolidate revenues of $17.4 billion in 1998 and a global workforce of approximately 100,000.

Statistics:

  • Contract value: over $2.5 billion
  • Number of wells: 51
  • Storage capacity per FPSO: 2 million barrels
  • Production capabilities per FPSO: 150,000 barrels per day
  • Depth of water in the Campos Basin: up to 1035 meters
  • Percentage of value created in Brazil: at least 40%

Sources:

  • Halliburton Company PR, "Halliburton Reaches Advanced Stage in Barracuda and Caratinga Offshore Fields Development" (Jan 27, PRNewswire)
  • Halliburton Company Website: http://www.halliburton.com

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