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Today , Halliburton is one of the largest oilfield services companies operating in western Canada providing excellent reliability and engineering to numerous customers from hydraulic fracturing to drilling .
Halliburton has been present in Atlantic Canada since the 1970 ’ s when offshore exploration activities around the Hibernia offshore oilfield were first kicking off . Nowadays , the company is looking forward to the Hebron platform work starting as they are well positioned with multiple services involved to make a big impact on that project .
Gorman adds that alongside becoming the lowest cost provider , the oil price fall provided Halliburton with a chance to revamp a number of its operations and drill down on becoming a lean organization . A hitherto less explored activity that the downturn has necessitated is repurposing old oil wells which , as Gorman explains , has been an unexpected source of growth : “ We believe we are going to grow out of the downturn . We have actually had a better adoption of some new technologies like refracturing wells . One of our key strategies is coming back into wells and giving them a new life - very often back to production and very often with a lower decline curve .
“ If you can go into a well that ’ s already been drilled and recompleted - you can do it for half the price or less of a new drill and very often get close to the original production out of it . That is being brought into the business which really wasn ’ t there at all a couple of years ago .”
From a strategic perspective , Halliburton ’ s presence in Canada presents the company with an opportunity to competitively grow its market share to make long term gains in a key territory . “ Most of the strategies would be around market share growth . Given the depth and breadth of the downturn , growth in revenue or profitability is not a priority but we have been very successful at what we are aiming to do .”
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