BP Awards Halliburton High-Value Contracts

Halliburton has been awarded long-term high-value contracts by BP Angola. BP's Angola Program covers up to four developments, to be based on a standardized design, and drilling activity is scheduled to commence in 2010. BP Angola and its partners recently sanctioned the first development in Block 31, PSVM. Commitments related to the remaining three developments are anticipated to be awarded upon sanction of the additional projects, with the drilling program taking place over a multi-year period. The development program in total is expected to eventually exceed 150 wells.

The contracts awarded to Halliburton encompass the key elements of Well Completions including Upper and Lower Completions Equipment and Downhole Flow Control. In addition, Halliburton has been awarded the Drilling and Completions Fluids business for these wells.

The estimated value of these contracts will, if all four developments are sanctioned, be in excess of $600MM.