Halliburton Announces JV with SPT Energy

By Joseph R. Fonseca
Saturday, July 12, 2014
Picture of Halliburton’s first joint venture for hydraulic fracturing services in China

 

Halliburton has signed an agreement with the SPT Energy Group Inc. affiliate, Petrotech (Xinjiang) Engineering Co., Ltd., to establish a joint venture company focused on hydraulic fracturing and production enhancement services in Xinjiang, China.

The new company, Xinjiang HDTD Oilfield Services Co. Ltd., will provide fracture stimulation services, including design and analysis, data acquisition, and pumping and chemical services in the Xinjiang Uygur Autonomous Region. This is Halliburton’s first joint venture for hydraulic fracturing services in China.

A ceremony was held on Wednesday at the China World Hotel in Beijing to celebrate the establishment of Xinjiang HDTD Oilfield Services Co., Ltd.  An estimated 200 guests representing the oil and gas industry in China, as well as a number of local government officials, attended the event. Halliburton Chairman, President and CEO Dave Lesar delivered the keynote address.

SPT Energy Group has provided oilfield technical services in Xinjiang’s Tarim oilfield for 20 years, with a market share ranked first among privately-owned companies.  Seventy-five percent of the market share in high-end completion services in the field was achieved through SPT’s collaboration with Halliburton over the past seven years, and the market for horizontal drilling and fracturing services is increasing rapidly. By 2025 the total barrels of oil equivalent (BOE) in the Tarim oilfield is expected to be 50 million tons, while total BOE throughout Xinjiang province is expected to reach 100 million tons and account for up to one-third of China’s BOE.

Lesar said, “Halliburton looks forward to strengthening our partnership with SPT Energy Group by bringing a suite of integrated, comprehensive solutions to the challenge of developing China’s unconventional reservoirs.  Our basin-specific knowledge, industry-leading technologies and expert people have solved unconventional challenges around the world, and we are excited about growing our presence in China.”

David Zeng, Halliburton’s vice president for China said, “Over the next decade there will be great opportunities from the parallel development of conventional and unconventional resources in China.  SPT’s strong client relationships combined with Halliburton’s technical expertise positions Xinjiang HDTD to be the leading service provider as we develop westward.”

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Energy

UAE Plans Floating LNG Import Terminal

State-owned Abu Dhabi National Oil Co. (ADNOC) plans to start a new liquefied natural gas floating import terminal (FSRU) in the second half of this year, three LNG industry sources said.

Glencore to Lift Iranian Fuel Oil at Bandar Mahshahr

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of

Total, ENN Ink 10-year LNG Supply Pact

European oil major Total has agreed to supply 500,000 tonnes a year of liquefied natural gas (LNG) for 10 years to China's privately-run ENN Group, Total said on Thursday.

News

MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses

Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

First Panama Canal Water-Saving Basin Filled

The Panama Canal Authority (ACP) announced that the first water-saving basin of the Agua Clara Locks’ upper chamber has been filled to the required level in order

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0819 sec (12 req/sec)