Halliburton Announces Significant Achievement in Barracuda-Caratinga Project

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February 28, 2005

Halliburton (NYSE:HAL) announced today that its KBR subsidiary and Petrobras have reached a key milestone in the development of the Barracuda and Caratinga offshore fields in Brazil. The Caratinga Floating Production, Storage and Offloading (FPSO) vessel, P-48, achieved first oil production on February 28, 2005, at the Caratinga field in the Campos Basin.

The field has a total of 20 wells, which includes 12 production and 8 injection wells, which will be linked to the Caratinga production platform. The Barracuda FPSO, P-43, achieved first oil production at the Barracuda field in the Campos Basin in December 2004. Halliburton will continue to work closely with Petrobras to provide the necessary technical support to rapidly build production levels and sustain high levels of reliable performance from both the Caratinga and Barracuda vessels.

"It has been a long journey to get to this day, and has taken years of planning and hard work on the part of both KBR and Petrobras," said Andy Lane, COO of Halliburton. "With both the Caratinga and Barracuda vessels now producing oil, as well as other projects that are scheduled to come on-line soon, Brazil is expected to achieve oil self-sufficiency in the near future."

The deepwater oil and gas fields of the Campos Basin are located 160 kilometers east of Macae, northeast of Rio de Janeiro. Together, the Barracuda and Caratinga fields cover an area of 493 square kilometers in the Campos Basin, in 800 and 1,035 meters of water respectively. The fields will have production capacity of 300,000 barrels of oil per day, approximately 20 percent of the current output from this offshore region. Each vessel will also be able to store approximately two million barrels of oil.

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