US oil services giant Halliburton plans switch to Dubai

dpa German Press Agency Published: Sunday March 11, 2007

Manama- The Houston, Texas-based multinational oilfield
services Halliburton Energy Services plans to move its cooperate
office to Dubai, it was revealed Sunday.
Halliburtons chairman, president, and chief executive officer
David J. Lesar revealed the plans in Manama on the sidelines of the
opening of the 15th Society of Petroleum Engineers Middle East Oil &
Gas Show and Conference (MEOS 2007).

Lesar said the move would help the company focus on the Middle
East, as he would lead efforts to increase Halliburton business in
the Eastern Hemisphere.

"The Middle east would be the seat of our operations," said Lesar.
"As we invest more heavily in our Eastern Hemisphere presence, we
will continue to build upon our leading position in the North
American gas-focused market through our excellent mix of technology,
reservoir knowledge and an experienced workforce."

He said the opening of a headquarters in Dubai was the next step
in a strategic plan announced in 2006 to focus on expanding
Halliburton customer relations with national oil companies.

At the same time, more of the company's investments and resources
would be concentrated on growing business in the Eastern Hemisphere.

Lesar added that he did not expect oil prices to go below 40
dollars per barrel.

"I personally do not believe that the price of oil will get much
below 40 US dollars, even if we have substantial capacity or economic
distribution in the world going forward," he said.

The 52-year old executive, who took office following the departure
of the former CEO and present US Vice President Dick Cheney, did not
rule out that his company would get involved in ventures and
partnerships as they expand their operations.

"We will look for business opportunities with respect to making
business lines we are not into today, or some of the business lines
we have but we would like to continue to expand," he said.

During 2006, more than 38 per cent of Halliburton's 13 billion
dollars oil field services revenue was generated from the Eastern
Hemisphere, which encompasses four regions with more than 16,000
employees, more than 80 per cent of which are localized.

The announcement by Halliburton, which has been active in the
Eastern Hemisphere energy services market since 1926, comes on the
footsteps of an earlier announcement by another US oil service
company giant, DuPont, which is also focusing on expanding its
operations in the region.

DuPont's director for oil and gas in Europe, Middle East and
Africa, Dirk Bosman, predicted double-digit growth for his company's
expanding regional operations, which comprise not only oil and gas
but also food, human health, animal health, water and petrochemical
markets.

© 2006 - dpa German Press Agency

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