Halliburton to Provide Digital Solutions for Kuwait Oil Company

Rhea-AI Summary

Halliburton Company (NYSE: HAL) has secured a contract with Kuwait Oil Company (KOC) aimed at enhancing KOC’s digital transformation. This collaboration will improve the efficiency of their North Kuwait asset by implementing digital twins to automate work processes. Utilizing Halliburton's DecisionSpace^® 365, KOC engineers will optimize production and asset operations through advanced modeling and integration of third-party technologies. This partnership is expected to streamline production planning and enhance operational performance.

Positive

• Awarded a significant contract from Kuwait Oil Company for digital transformation.
• Implementation of digital twins expected to optimize production and asset operations.
• DecisionSpace® 365 will enhance operational efficiency through advanced modeling.

Negative

• None.

Halliburton Company (NYSE: HAL) today announced it was awarded a contract from Kuwait Oil Company (KOC) to collaborate on their digital transformation journey through the maintenance and expansion of digital solutions for their North Kuwait asset. It will allow KOC to accelerate their data-to-decisions cycle by designing and operating digital twins of the field to automate work processes, supported by DecisionSpace^® 365, a cloud-based subscription service for E&P applications.

Built on an open architecture, DecisionSpace^® 365 will help KOC engineers’ model, optimize and deploy intelligent work processes to plan, forecast and optimize production and asset operations. The open architecture integrates Halliburton and third-party technologies to enhance operational performance and increase ultimate recovery.

“We are excited to collaborate with KOC on their digital transformation initiatives and build on our previous work to increase reservoir recovery and production,” said Nagaraj Srinivasan, senior vice president of Landmark, Halliburton Digital Solutions and Consulting. “By using cloud computing, IoT and real-time technologies to drive new ways of working, we can improve production planning, scheduling and enable virtual and autonomous reservoir optimization.”

About Halliburton

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210203005051/en/

FAQ

What is Halliburton's recent contract with Kuwait Oil Company (KOC)?

Halliburton was awarded a contract to assist KOC in their digital transformation, focusing on their North Kuwait asset.

How will Halliburton's DecisionSpace® 365 benefit Kuwait Oil Company?

DecisionSpace® 365 will help KOC optimize production and automate work processes through digital twins.

What technologies will Halliburton utilize in the KOC contract?

Halliburton will use cloud computing, IoT, and real-time technologies as part of the collaboration.

When was the contract between Halliburton and KOC announced?

The contract was announced today by Halliburton.