Halliburton eyes projects worth $80 billion, seeks partners

22 May 2007

Mumbai: US oil services firm Halliburton is eyeing projects worth around $80 billion worldwide over the next five years and is looking for major investors to take a long-term stake in its eastern hemisphere operations.

"One of my goals would be to find a set of investors or investor interested in taking a longer-term investment in the company," Halliburton CEO Dave Lefar said.

The company is tracking about 60 projects worldwide worth about $80 billion for which it may compete during the next five years, Lesar told a briefing in Dubai, adding that the potential oil services project market is around $100 billion a year.

The company recently relocated its headquarters to Dubai.

About 70 per cent of that potential market is outside the Americas, which is why Lesar himself and Halliburton''s corporate headquarters moved to Dubai, he said.

"If you look at a map of global oil and gas reserves, the focus of our business and industry is clearly moving to this part of the world," he said.