Halliburton eyes stakes in Arab oil companies

Dubai: Halliburton Co., the world's second-largest oil services company, is seeking stakes in emerging Gulf Arab firms to expand its operations in the region, pan Arab daily Asharq Al Awsat reported yesterday.

"The American company is studying the chance to buy stakes in emerging oil companies in the Gulf to boost its exploration operations in those companies' exclusive areas," the paper said.

The daily, citing unidentified sources, did not name the companies or countries that could interest the US oil and gas services company.

Halliburton is setting up a corporate headquarters in Dubai in an effort to take a larger share of the oil and gas services market outside of the Americas.

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Halliburton CEO Dave Lesar said in May that 70 per cent of the company's potential market was outside the Americas.

He said the company was looking for major investors to take a stake in Halliburton as it looks to expand.