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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
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Sign InIn a move that strengthens strategic ties within the Saudi energy sector, Halliburton has secured lump sum turnkey contracts from Aramco for the drilling and completion of approximately 285 onshore wells. The agreements feature a three-year base term with options to extend for up to two additional years. The scope of work encompasses oil re-entry operations, drilling, completions, and workovers, aimed at enhancing Aramco's operational consistency and ensuring timely well delivery.
This contract award coincides with Aramco's ongoing expansion of its production capacity, particularly in unconventional gas projects like the Jafurah field. Compared to peers, Halliburton remains a dominant oilfield services player alongside Baker Hughes and SLB, as global firms compete for shares of Aramco's massive capital expenditure. Per market data, these contracts underscore the sustained demand for advanced drilling services in the region despite global crude price volatility.
Regarding market performance, Halliburton (HAL) shares stood at $35.25 at close July 15, 2026, while Saudi Aramco (2222.SR) closed at 26.68 SAR on July 16, 2026. Investors are now looking toward upcoming quarterly earnings to gauge the impact of these contracts on profit margins, while also monitoring potential policy shifts from the upcoming OPEC meeting later this month.