The Associated Press August 18, 2010, 5:32PM ET

Halliburton gets letter of intent for Iraq oil

Halliburton Co. said on Wednesday that it has gotten a letter of intent from Shell Iraq Petroleum Development BV that would make Halliburton the project manager for developing the Majnoon field in southern Iraq.

Halliburton said it wold be working with Nabors Drilling and the Iraq Drilling Company. The contract needs final approval by Iraqi authorities, Halliburton said.

Iraq reached a deal with Shell in January to develop the mammoth oil field, along with partner Petronas, Malaysia's state-run oil company. Shell and Petronas plan to raise production in the field from the current 45,900 barrels per day to 1.8 million barrels per day over 10 years.

Halliburton shares rose 9 cents to close at $28.79 on Wednesday.


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