Russian oil producer Gazprom Neft and U.S. company Halliburton have concluded a strategic cooperation agreement to introduce new technologies and raise work efficiency at oil fields, the Russian company said in a statement on Tuesday.
Gazprom Neft, the oil subsidiary of Russia’s gas giant Gazprom, and Halliburton, one of the world’s biggest oilfield services companies, will hold regular meetings to exchange information and to study means of introducing new innovation technologies.
Procedure documents envision the creation of an executive committee that will consist of the two companies’ officials. Gazprom Neft and Halliburton plan to study projects researching new exploration and development technologies of Russian research centers and universities.
Gazprom Neft set a strategic task to produce up to 100 million tons of hydrocarbons in oil equivalent by 2020. The company expects that more than half of its oil will be extracted with the use of innovation technologies.
Gazprom Neft’s action plan, approved in 2012, envisages the development of 60 million tons of additional reserves by 2015. By 2020, this output may grow to 300 million tons. The company also implements projects to develop non-traditional resources, including shale gas production in the Khanty-Mansi Autonomous District in Western Siberia.