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Oilfield services giant Halliburton Friday reached a deal with the government of Cyprus for a base of operations for the eastern Mediterranean.

The Cyprus Mail had reported a week earlier that Halliburton and Schlumberger were likely to sign agreements with the government to set up bases in Cyprus.

Mark Richard, Halliburton’s Senior Vice President for Europe and Africa, met Friday with President Nicos Anastasiades at the Presidential Palace to close the deal, the Cyprus Mail said.

Richard said Houston-based Halliburton, which operates in about 80 countries, will base its eastern Mediterranean operations in Larnaca.

The Larnaca base is expected to be in operation before the end of the summer.

Halliburton estimates around 50 to 60 new wells will be drilled in the eastern Mediterranean (Israel, Cyprus and Lebanon) in the next few years, possibly racking up $5bn to $7bn in drilling costs, the Cyprus Mail said.