Halliburton, the world's second-largest provider of oilfield services, was awarded a three-year services contract by Chevron, the second-largest U.S. oil company, to help the oil giant tap shale gas reserves in Poland. Financial terms of the agreement were not disclosed.
Texas-based Halliburton (HAL) will provide rilling and hydraulic fracturing services to Chevron in Poland. The deal also involves an unspecified number of possible extensions, although it is unclear which party has the right to exercise these options, according to Upstream Online.
Dow component Chevron (CVX) won the rights to develop shale sites in Poland last month. The Eastern European country is believed to be home to vast deposits of shale gas and is eagerly looking to tap those deposits to reduce its dependence on Russian natural gas.
California-based Chevron also recently won contracts to explore for shale gas in Bulgaria and Ukraine. Schlumberger (SLB) is the world's largest provider of oilfield services.