Halliburton (HAL) to Back KOC Digital Transformation Strategy
Halliburton Company HAL announced that it has been accorded a contract by Kuwait Oil Company (“KOC”) to participate in the latter’s North Kuwait Project for their digital transformation by maintaining and developing digital solutions.
KOC's activities involve the exploration, drilling and production of oil and gas within Kuwait. The company’s responsibilities also include the storage and delivery of crude oil to tankers for export.
The collaboration would enable KOC to boost its data-to-decisions cycle. Notably, this will take place by developing and implementing digital twins of the field by availing Halliburton’s DecisionSpace 365, which is a cloud-based subscription service for E&P applications, to automate the working method. Based on open architecture, the cloud-based subscription service will assist the KOC experts to model, optimize and utilize insightful working methods in order to achieve optimal production and asset operations.
The contract will build on Halliburton’s aim to increase reservoir recovery and production. Importantly, the applicability of cloud computing, IoT and existing technologies provides new working procedures as well as improves the engineering process, time schedules, and enables virtual and autonomous reservoir optimization.
In 2020, Halliburton entered a number of agreements to supply its DecisionSpace 365 to various energy companies, including Pertamina, Petronas and Neptune Energy, to optimize productivity.
Company Profile
Headquartered in Houston, TX, Halliburton is one of the largest oilfield service providers.
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold).
Some better-ranked players in the energy space are Ecopetrol S.A. EC, Pioneer Natural Resources Company PXD and Eni SPA E, each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Ecopetrol’s 2021 earnings are expected to increase 161.1% year over year.
Pioneer’s 2021 earnings are expected to rise 334.5% year over year.
Eni’s 2021 earnings are expected to rise 315% year over year.
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