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CHINA NATIONAL PETROLEUM CORPORATION JOINT VENTURE AGREEMENT

 DALLAS, April 2 /PRNewswire/ -- Halliburton Company (NYSE: HAL) today announced that it has signed a joint venture agreement with China National Petroleum Corporation. The joint venture agreement was signed by Dr. Wang Tao, president of China National Petroleum Corporation (CNPC), and Dale P. Jones, president of Halliburton Company, at a ceremony in Houston.
 The new joint venture company will be called Halliburton-CNPC Company and headquartered in Beijing. Halliburton-CNPC Company will provide equipment and services to the hydrocarbon exploration and production industry in different geographical markets of interest, including onshore China and certain shallow waters of up to 5 meters deep along the China coast. The initial scope of business for the company will emphasize cementing, stimulation, and completion services for oil and natural gas wells, and may be expanded as the market requires. The joint venture's potential customer base will include CNPC and international oil companies.
 Both CNPC and Halliburton believe that the joint venture will provide a foundation for substantial future mutual benefit.
 "Halliburton is fully committed to assuring that this joint venture company will be successful," said Dale Jones. "Our efforts are driven by our desire to assist China in the discovery, development, and production of its vast hydrocarbon reserves.
 "Halliburton, along with CNPC, looks forward to the involvement of the international oil industry in the production of China's onshore fields," Jones continued. "The establishment of Halliburton-CNPC company will help assure that our industry will have access to the high quality services, products, and technology that are required today and well into the next century."
 In 1992 China ranked as one of the world's largest producers of crude oil, producing about 2.8 million barrels per day and having approximately 24 billion barrels of oil reserves. Further, China has announced that it is opening promising onshore areas, including the vast Tarim Basin in remote northwest China, to international oil companies for the first time. Halliburton Energy Services is a leader in providing a diverse range of critical services to the oil and gas industry.
 Halliburton Company is one of the world's largest diversified energy services, engineering and construction companies. Founded in 1919, Halliburton provides a broad range of energy services and products, industrial and marine engineering and construction services, and property and casualty insurance services.
 -0- 4/2/93
 /CONTACT: Guy T. Marcus, vice president-investor relations of Halliburton Company, 214-978-2691/
 (HAL)


CO: Halliburton Company; China National Petroleum Corporation ST: Texas IN: OIL SU: JVN

CK -- NY022 -- 2446 04/02/93 10:51 EST
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Publication:PR Newswire
Date:Apr 2, 1993
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