Malaysia's Dialog Group said Monday that it has inked an agreement with Halliburton International for a contract worth $1.2 billion aimed at boosting oil output from the mature Bayan Field, located offshore Sarawak.
The signed contract sees Dialog taking a 50 percent interest into Halliburton Bayan Petroleum (HBP) through its wholly owned subsidiary Dialog D&P.
Commenting on the partnership deal, Dialog said in a statement that "[the agreement] is in line with Dialog's strategy to continue developing its upstream capabilities, which include the rejuvenation and re-development of mature oil fields."
HBP entered a contract Nov. 7 as an independent technical service contractor with Petronas Carigali to provide oilfield services required to enhance the recoverable reserves from the Bayan Field.
In June of this year, Dialog entered a memorandum of understanding with Halliburton to jointly pursue projects and opportunities pertaining to the re-development of mature oil fields in Malaysia.
The Bayan Field is sited approximately 19 miles (30 kilometers) south of the West Acis Field; which is one of the four marginal oil and gas fields that form part of the Balai Cluster.
