HALLIBURTON, CNPC PLAN TO PROVIDE OIL FIELD SERVICES

Halliburton Co. and China National Petroleum Corp. (CNPC) have set up a joint venture aimed at providing oil field equipment and services. The new venture, Halliburton-CNPC Co., plans to provide exploration and production services in regions that include land operations in China and "certain shallow waters up to 5 m deep along the China coast." Initially, the venture will emphasize cementing, stimulation, and completion services. The joint venture's customer base includes CNPC and

April 12, 1993

Halliburton Co. and China National Petroleum Corp. (CNPC) have set up a joint venture aimed at providing oil field equipment and services.

The new venture, Halliburton-CNPC Co., plans to provide exploration and production services in regions that include land operations in China and "certain shallow waters up to 5 m deep along the China coast." Initially, the venture will emphasize cementing, stimulation, and completion services.

The joint venture's customer base includes CNPC and international oil companies.

Dale Jones, Halliburton president, said his company has been selling about $25 million/year worth of equipment and services in China, but the new joint venture will mean a greater commitment by both sides.

There are fewer impediments to operating in China than in Russia, Jones said.

That's why some companies are showing a lot more interest in China. "There's not much question about whose signature is needed," Jones said.