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Energy giant Halliburton expects Middle East to fuel growth

Halliburton's president and CEO Jeff Miller and Aramco's senior vice president of upstream Nasir Al-Naimi arrive for a ceremony to inaugurate the first Halliburton Chemical Reaction Plant in Saudi Arabia Reuters/Hamad I Mohammed
Halliburton's Jeff Miller and Aramco's Nasir Al-Naimi arrive for a ceremony to inaugurate the first Halliburton Chemical Reaction Plant in Saudi Arabia

US energy firm Halliburton predicts its international activity will grow at least in the “mid-teens” this year, driven by upcoming works in the Middle East and Latin America.

During its latest earnings call the oilfield services company revealed $5.6 billion in total revenue for the third quarter of 2022, up 18 percent from $5.4 billion in the previous quarter.

Middle East and Asia revenue in Q4 was $1.4 billion, a 10 percent increase sequentially, primarily as a result of higher drilling and evaluation services across the region, increased cementing activity in the Middle East, and higher completion tool sales in Saudi Arabia and UAE. 

Partially offsetting these increases was lower completion tool sales in Qatar.

“In 2023 we expect international activity to grow at least mid-teens with most new activity coming from the Middle East and Latin America,” Jeff Miller, chairman, president and chief executive officer, said.

“I think that about 40 percent of our international business is offshore today.

“And I think another nuance as we look out into next year, and likely beyond, is the sort of emphasis on development activity as opposed to exploration that maybe we’ve seen in prior cycles. 

“I think that’s very consistent with where operators are from a capital discipline standpoint and just producing more barrels sooner, which leads us to development.”

In 2022 Halliburton completed the first fully automated drilling run in Kuwait, delivering the landing section in record time.

Last year also saw the opening of the Halliburton Chemical Reaction Plant – a first of its kind in Saudi Arabia to manufacture a vast number of chemicals for the complete oil and gas value chain.

And in November Halliburton Worldwide Limited Abu Dhabi was awarded one of three framework agreements from UAE giant Adnoc to provide integrated drilling fluids services to Adnoc Drilling.

“Halliburton sees the Middle East as its area of strongest growth in 2023, mostly Saudi but also UAE, Qatar, Iraq and Kuwait,” Robin Mills, CEO at Qamar Energy, said.