I few months back I jokingly said that Halliburton (click title to entry - thank you) would move its headquarters back to Houston. In light of recent events I no longer think it's a joke. Here's why.
Many, if not most of these senior-level managers took the leap and bought super-expensive houses and condos when they left for Dubai 2 years ago, at the peak of the Dubai bubble. Dubai real estate is now cascading down a cliff, where I think it will crash down a full 90% from peak value.
Put yourself in the shoes of a Halliburton fatcat. The asset they bought via an onerous mortgage for, say, $2 million, is now worth two thirds what they paid. The value of that asset continues to bleed. In most of the world, the options for the Halliburton fatcats are civil in nature, at most involving foreclosure....
Get out of my country and stay out of my country!
We don't want you here anymore ! You're nothing but blood sucking parasites !
2009 Press Releases
FOR IMMEDIATE RELEASE: November 6, 2009
FOR IMMEDIATE RELEASE: November 6, 2009
Five-year project, with an option for an additional five years, to drill and complete oil wells utilizing the turnkey concept -->
HOUSTON and DUBAI - Halliburton (NYSE: HAL) has been awarded the integrated turnkey drilling contract in South Ghawar. Located approximately 200 kilometers (124 miles) from the city of Dhahran, the Ghawar field is the world's largest oil field and the contract would involve work in Uthmaniyah, Haradh, Hawiyah and Shedgum.
The five-year contract, with an option for an additional five-year period, calls for the provision of drilling rigs, directional and horizontal drilling, logging while drilling, cementing, mud engineering, wireline logging, completion, perforating, and other well construction activities, including engineering and management of the entire drilling operations. The project is expected to utilize three to four rigs, and will involve between 153 and 185 oil production, water injection and evaluation wells.
This contract is Saudi Aramco's first-ever award for an integrated turnkey drilling contract and is an important part of Saudi Aramco's plan to explore new avenues of collaboration with major oil field services providers....
HOUSTON and DUBAI - Halliburton (NYSE: HAL) has been awarded the integrated turnkey drilling contract in South Ghawar. Located approximately 200 kilometers (124 miles) from the city of Dhahran, the Ghawar field is the world's largest oil field and the contract would involve work in Uthmaniyah, Haradh, Hawiyah and Shedgum.
The five-year contract, with an option for an additional five-year period, calls for the provision of drilling rigs, directional and horizontal drilling, logging while drilling, cementing, mud engineering, wireline logging, completion, perforating, and other well construction activities, including engineering and management of the entire drilling operations. The project is expected to utilize three to four rigs, and will involve between 153 and 185 oil production, water injection and evaluation wells.
This contract is Saudi Aramco's first-ever award for an integrated turnkey drilling contract and is an important part of Saudi Aramco's plan to explore new avenues of collaboration with major oil field services providers....
