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HALLIBURTON HAS CHOSEN CYPRUS AS ITS EASTERN MEDITERRANEAN OPERATIONS BASE

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23-05-2014

HALLIBURTON HAS CHOSEN CYPRUS AS ITS EASTERN MEDITERRANEAN OPERATIONS BASE

On 9th May, oilfield services giant Halliburton concluded a deal with the government to use Cyprus as their base of operations for the eastern Mediterranean, providing a much-needed “vote of confidence” for the prospects of the Cypriot economy. Halliburton’s Senior Vice President for Europe and Africa, Mark Richard, met at the Presidential Palace on Friday evening with President Anastasiades, in the presence of the Minister of Energy, Commerce, Industry & Tourism, Yiorgos Lakkotrypis to close the deal. In statements after the meeting, Lakkotrypis welcomed the international company to Cyprus commenting, “It is with great pleasure that we welcome to our island such an important company, which will provide supportive services in the hydrocarbon exploration process within Cyprus’ Exclusive Economic Zone”. He went on to say that the presence of such a high calibre company is a vote of confidence for Cyprus, and the island’s future prospects.

Meanwhile, Halliburton’s Senior Vice President for Europe and the Sub-Saharan African Region, Mark Richard confirmed their intention to build a base of operations in Larnaca and commented: “It’s a pleasure to be here at the start of our operation to support our customers in Cyprus in the ongoing efforts to hopefully produce oil and gas here in the Mediterranean.” He thanked the Government for “its tremendous support and hospitality in helping us to get started here in the country,” adding, “Hopefully this is the start of many good years to come.” Asked how many people will be employed in Cyprus by the company, Richard said: “That depends on how much work we actually win from competitive tenders with our customers, but it will be considerable at one point in time.”

Halliburton is expected to announce shortly its plans for collaboration with Cyprus-based companies and universities, as part of its operational plans for the region. The giant’s operations are due to start in Larnaca before summer’s end. Halliburton provides drilling services and gear for companies prospecting for hydrocarbons. The company’s base in Cyprus is envisioned to provide for the entire eastern Mediterranean, which is expected to become a hotbed of exploration activity in years to come. “Halliburton estimates that over the next few years around 50 to 60 new wells are going to be drilled in this area. We’re talking about Israel, Cyprus, and Lebanon. Supposing that drilling costs are anywhere from $5 billion to $7 billion, should Halliburton get half those contracts, it’s well worth it for them,” Charles Ellinas, Former executive chairman of the Cyprus National Hydrocarbons Company, commented.

Lakkotrypis also stated that he hopes to have something of equal importance to announce in the very near future, a likely reference to the pending agreement with Schlumberger, expected to be sealed before the end of the May. Schlumberger, arguably the world’s largest oilfield services company, has its principal offices located in Houston, Paris, and The Hague.
 

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