Saudi Aramco Awards Halliburton Multimillion-Dollar Contract To Develop Khurais Mega Project

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June 7, 2006

Halliburton (NYSE: HAL) has been awarded the oilfield services component of the largest oil development project in the Arabian Gulf Region since the 1950s – the Saudi Aramco Khurais mega project. This three-year contract includes a full range of Halliburton’s integrated services and technologies. In order to produce 1.2 million barrels of oil per day (MMB/d) for several years, the project will utilize up to 23 rigs to support the drilling and completion of more than 300 wells. Development of this project is a key contributor to Saudi Aramco’s plan of increasing production capacity.

Andy Lane, Halliburton’s executive vice president and chief operating officer, said: “To be selected for this project, one of the world’s largest incremental oil projects, is a significant vote of confidence from Saudi Aramco. It validates our commitment to work closely with our Middle East-based customers and it also provides a platform for future successes.”

“Halliburton has worked with Saudi Aramco for almost 70 years and has maintained a track record of bringing mega projects onto production successfully and safely,” said Gasser Badrashini, vice president, Halliburton’s ESG Saudi and Bahrain operations. “Awarding the Khurais mega project to Halliburton is a natural extension of our long-term relationships in the Middle East.”

Halliburton has performed thousands of service operations for Saudi Aramco. From well construction to fluid systems and from drilling and formation evaluation to production optimization, Halliburton has worked in a multitude of different reservoirs and wells, ranging from basic to complex, with customized solutions for Saudi Aramco’s Drilling and Workover, and other Exploration and Production departments.

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