KUALA LUMPUR Nov 20 Malaysia's Dialog Group Bhd
said it has signed an agreement with Halliburton
International Inc for a contract worth $1.2 billion
aimed at boosting oil output from a mature field in East
The agreement aims to boost recoverable reserves in the
Bayan Field, located offshore Sarawak, as Malaysia tries to
boost flagging production from its existing oil fields.
"This is in line with Dialog's strategy to continue
developing its upstream capabilities, which include the
rejuvenation and re-development of mature oil fields," Dialog
said in an announcement to the Malaysian stock exchange.
Dialog's unit Dialog D&P Sdn Bhd and Halliburton's Asia
Energy Services Sdn Bhd would hold an equal interest in
Halliburton Bayan Petroleum Sdn Bhd (HBP) under the agreement
running for a term of 24 years, the statement said.
Dialog and Halliburton signed a memorandum of understanding
in June to jointly pursue business opportunities in Malaysia.
HBP has tied up with Petronas Carigali Sdn Bhd, the
exploration and production arm of state-owned Petroliam Nasional
Bhd, to boost reserves in the Bayan Field.
Shares in Dialog rose 0.74 percent to 2.41 ringgit by 0940
am (0140 GMT), while Halliburton shares last traded at $31.7.