Halliburton (NYSE:HAL) has entered into an agreement of cooperation with Gazprom Neft for the introduction of new technologies to improve operational efficiency in Gazprom Neft fields.

The strategic objective, according to a company news release, of Gazprom Neft is to increase hydrocarbon production to 100 million tons of oil equivalent by 2020. “According to our estimation, more than half of all our oil will be produced using innovative technologies,” the company stated.

“Enhancement of mature field development efficiency and implementation of new major projects involve technological challenges. In order to solve these problems, we are actively cooperating with Russian and foreign service companies choosing the most suitable modern technologies for our oilfields,” said Gazprom Neft first deputy general director Vadim Yakovlev.

Representatives of the two companies will collaborate on technological solutions for hard-to-recover reserves, unconventional resources, deepwater and other projects. Gazprom Neft specialists will provide Halliburton with updated data on implementation of specific projects and Halliburton experts will offer technological solutions.

“Halliburton invests significant funds and resources into research and development of new technologies for the exploration and production of hydrocarbons,” said Konstantin Schilin, general director of Halliburton's Russia operations. “This innovation allows us to continuously perfect our capabilities and offer efficient solutions to lower cost per BOE for our customers.”