Yahoo Finance Halliburton (HAL) Secures Deepwater Well Contract in Namibia
Halliburton Company HAL has recently clinched an award from Rhino Resources Ltd. for the construction of multiple deepwater integrated wells in Namibia. Per the terms of the contract, Halliburton will be responsible for providing a comprehensive set of solutions for the construction of exploration and appraisal wells, in addition to testing services.
HAL plans to extend its operational facilities in the country in order to support its product service lines. Through this expansion, the company seeks to foster its collaboration with Rhino Resources and maximize asset value for the latter and its customers in Namibia.
Rhino Resources is involved in both onshore and offshore exploration projects in Africa’s energy sector. It operates Block 2914A (PEL 85) in Namibia, situated in the shallower part of the Orange Basin. The site is strategically located less than 20 kilometers from the nearest discovery. Additionally, the block lies in close proximity to multiple discoveries made in Namibia in the past two years.
According to Rhino Resources, Block 2914A holds significant potential. In particular, the block lies close to other international operators in the region that adds to its relevance. The potential of the block was further reinstated when Rhino Resources conducted a 3D seismic survey of the region in late 2022. The seismic survey identified multiple viable plays and drillable prospects in the block.
Both Halliburton and Rhino Resources have placed emphasis on the importance of localization in the oil and gas industry in Namibia. The agreement also emphasizes the integration of global expertise with local resources in order to promote economic resilience and progress in the country’s growing energy sector.
The project is slated to begin in the fourth quarter of 2024.
Zacks Rank and Key Picks
Currently, HAL has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are SM Energy SM, Hess Corporation HES and Sunoco LP SUN. SM Energy and Hess presently sport a Zacks Rank #1 (Strong Buy) each, while Sunoco carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy is an upstream energy firm operating in the prolific Midland Basin region and the South Texas region. For 2024, the company expects its production to increase from the prior- year reported figure, signaling a bright production outlook.
Hess is a leading upstream energy company, with its operations focused on the prolific resources offshore Guyana. The company has made significant oil discoveries in the Stabroek Block, off the coast of Guyana. These discoveries have totaled more than 11 billion barrels of oil equivalent in gross recoverable resources, adding to Hess’ production potential.
Sunoco LP is one of the largest distributors of motor fuel in the United States. The partnership distributes fuel to independent dealers, commercial customers, convenience stores as well as distributors. Its current distribution yield is greater than that of the composite stocks in the industry, providing unitholders with consistent returns.
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