Halliburton Co. said Friday it received a contract to drill and complete oil wells in Saudi Arabia's Ghawar field.

Halliburton said the Ghawar field is the world's largest oil field. It is located about 124 miles from the city of Dhahran.

The five year project would involve work in Uthmaniyah, Haradh, Hawiyah and Shedgum. The project is expected to use three to four rigs, and involve between 153 and 185 oil production, water injection and evaluation wells, Halliburton said.

The contract is an important part of Saudi Aramco's plan to explore new avenues of collaboration with major oil-field services providers. Halliburton said it has worked previously with the petroleum company, which is owned by the Saudi Arabian government.

The Ghawar field contract can be renewed for an additional five years.

Shares of Halliburton advanced 89 cents, or about 3 percent, to $31.44 in morning trading.