Saudi Arabia turns to Halliburton for its fracking needs

Saudi Arabia turns to Halliburton for its fracking needs.

Saudi Arabia turns to Halliburton for its fracking needs – State oil company Saudi Aramco signed a three-year contract Sunday with the North American fracking leader to handle the hydraulic fracturing and completions of its unconventional gas wells. Saudi Arabia hopes to rely much more on its domestic gas to power the Kingdom’s electric grid.

The deal comes just a month after Crown Prince Mohammed bin Salman, the heir to the Saudi throne, capped a three-week U.S. tour in Houston, where he underscored the Kingdom’s long-standing energy ties to the region.

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Now, Halliburton is a bigger part of those overall plans.

“We believe Halliburton will work best with Saudi Aramco to help in our pursuit of unconventional gas to serve domestic needs, offset local crude burning, provide feedstock for chemical industry development, and spur regional economic development in line with Vision 2030, the Kingdom’s national transformation program,” said Mohammed Qahtani, Saudi Aramco’s senior vice president of upstream.

Saudi Arabia turns to Halliburton for its fracking needs | The contract includes a guaranteed two years with the option for a one-year extension. The companies declined to dollar figures or additional details about the deal for now.

“We are excited to apply our broad knowledge, efficiency and experience in unconventionals from Halliburton’s leadership position in North America to Saudi Arabia,” said Halliburton Chief Executive Jeff Miller, who traveled to Saudi Arabia for a signing ceremony. “This is a great opportunity to provide a tailored application of Halliburton technology, logistics management and operational excellence to maximize Saudi Aramco’s asset value and deliver optimal recovery.”

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