Halliburton Co. subsidiary Halliburton Ukraine LLC signed a memorandum of mutual understanding with Ukrainian firms Public Joint Stock Company National Joint Stock Company 'Naftogaz of Ukraine' and Ukrgasvydobuvannya Public Joint Stock Company, or UGV, to enhance cooperation in providing oil and gas services for the development of hydrocarbon fields in Ukraine. Naftogaz holds a 22.87% stake in UGV.

In a May 27 statement, Naftogaz said Halliburton is expected to conduct drilling, workover operations, cementing, hydraulic fracturing, formation stimulation and 3D modeling, including providing advanced equipment and software solutions to increase the volumes of Ukrainian gas production in UGV's fields.

UGV estimates over 2 billion cubic meters of additional production within 10 years with the restoration of idle wells.

Halliburton and UGV also signed an integrated turnkey service contract for sidetrack drilling on 26 wells. The total sidetrack contract is valued around 2.6 billion Ukrainian hryvnia.

As of May 27, US$1 was equivalent to 26.47 Ukrainian hryvnia.