Halliburton has acquired Summit ESP, a provider of electric submersible pump (ESP) technology and services to the oil production sector for an undisclosed price.

Based in Tulsa in Oklahoma, Summit is into engineering, manufacturing and servicing of a comprehensive product offering of electric submersible and surface pumping systems. Summit’s pumps are designed to improve daily well production and also total reservoir recovery.

The artificial lift offerings and customer service of Summit is expected to consolidate the US-based oil field service giant’s existing artificial lift portfolio for its worldwide customers.

According to Halliburton’s president and CEO Jeff Miller, Summit’s acquisition is expected to help Halliburton grow its position further in North America oilfield services.

Miller added: “Summit’s unrivaled service quality, proven technology and U.S. market leadership make it a perfect fit for Halliburton.

“This accretive transaction accelerates our strategy to deliver leading returns to our shareholders and maximize asset value for our customers.”

Summit employs over 500 people in about 30 locations in North America.

Summit president and CEO John Kenner said: “The combination of Halliburton and Summit creates exciting opportunities for both our customers and employees.

“We look forward to capitalizing on Halliburton's deep customer relationships and international presence to accelerate our growth.”

Halliburton, which was founded in 1919, caters to the energy industry globally with its products and services. It has a workforce of nearly 50,000 with operations in close to 70 countries.

Its activities include tracing hydrocarbons, managing geological data, drilling, formation evaluation, well construction and completion, and streamlining oil production for the entire lifetime of an oil field.

In late May, Halliburton had signed a memorandum of understanding (MoU) with Oil Spill Response (OSRL) and Trendsetter Engineering for integrated subsea well-capping response solutions.