Boston, MA 09/09/2014 (wallstreetpr) – Halliburton Company (NYSE:HAL) has been operating in Romania for more than a decade now. As per the information, it first started operating in Romania in year 1999 and then after a tenure of five years it submitted its application to purchase Petrom in year 2003. Privatization was taking place in Romania during this time. The company now plans to expand its oil and gas operations in Romania with an objective of long run growth.
Initial step:
Initially, it provided a monetary support of $9.76 million to OMV Petrom and ExxonMobil Exploration for a drilling project in Black Sea. After that it continued operating from there and grew up with the time. Now Halliburton Company (NYSE:HAL) has reached a level from where it can think of expanding operations in Romania.
It is one of the largest providers of services and products to all those companies that operate into the energy industry. It employs more than 80,000 employees in around 80 countries. All the employees represent 140 different nationalities and bring excellent diversity at workplace. The company serves the upstream gas and oil industry throughout the entire life-cycle of any reservoir.
Halliburton Company (NYSE:HAL) had announced the expansion plans just after its settlement with local authorities, government and concerned parties which caused him as much as $1.1 billion. HAL was allegedly the cementing partner in the Deepwater Horizon oil rig. It had to face the biggest and worst oil pills of the history of local area. After this incident local people, government and other parties involved in this project started accusing the HAL of using low-quality cement which caused all the adversities. Although it was freed from all the claims and allegation on September 4, 2014 partially as court announced that it was 3%responsible for the entire incident.
The expansion plan in Romania is the evidence that HAL wants to get rid of the recent adverse happenings as soon as possible and focus on growth in the long run.
