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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: waverider who wrote (23380)	6/3/1998 11:34:00 PM
From: Lazlo Pierce	Respond to of 95453

Some news. HAL and Shell joint venture. **************************************** Shell and Halliburton Agree to Form Company to Develop and Market Expandable Casing Technology DALLAS, June 3 /PRNewswire/ -- Shell and Halliburton affiliates announced today that they have signed a Memorandum of Intent to develop and commercialize expandable casing technology. The new technology, originally developed by Shell, promises to significantly reduce the cost of drilling, especially in deepwater regions like the Gulf of Mexico. Shell Technology Ventures Inc. and Halliburton Energy Services plan to form a limited liability company managed and funded 60/50 by the two firms. The autonomous new company should be launched by the fourth quarter of 1998. After a hole section is drilled, expandable casing may be run in the usual manner. Once the casing is in place, a mandrel is run to expand the casing. Initial tests have demonstrated that the casing may be expanded at a rate of 100 feet per minute. Expandable Casing Technology will enable oil and gas operators to access reservoirs that cannot be easily reached with current methods. By expanding casing in situ, the hole size can be maintained and the target reached with minimal well tapering. This results in improved reservoir economics by reducing well capital expenditures and improving the success rate of reaching sub salt targets. In addition to rig-time savings and lower well costs, expandable casing technology can result in overall smaller hole size from spud to total depth. Edgar Ortiz, president of Halliburton Energy Services, said ''The opportunity to work with Shell on Expandable Casing Technology ensures we have the greatest chance of rapidly and successfully bringing technology to the market. Expandable casing offers the potential for a step change in well construction technology. We have been providing services to Shell worldwide for many years and this agreement adds a new and positive dimension to our relationship.'' Bill Dirks, president and CEO of Shell Technology Ventures, said, ''We are pleased to take Shell's expanded tubular technology forward in this joint venture with Halliburton. By combining the technology strengths of Shell with the development and delivery capabilities of Halliburton, we should be able to bring this significant new product to market in record time.''