If the majors won’t explore then the independents and service sector will just have to go it alone. Halliburton is teaming with McMoRan Exploration Company to hustle things along on some 750,000 acres of the offshore Gulf of Mexico.
Initially Halliburton will be both associate and service provider, supplying people and technology from its Energy Services unit, Brown and Root and Landmark Graphics. But the deal envisages that in the event of a discovery, Halliburton will have an option to participate in subsequent development on a ground floor basis.
The acreage position has been built up by McMoRan in two acquisitions from Shell Offshore and Texaco. Banker Chase Securities performed the financial engineering for the alliance and have arranged a $50 million facility to fund the exploration program.
flexible and innovative
Dave Lesar, President and Chief Operating Officer of Halliburton Company said "In responding to the needs of our upstream customers, we realize we have to be flexible and innovative.
This alliance is indicative of one of the ways we can create value through solutions and share in that value.” More information from the McMoRan website - www.mcmoran.com.
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