•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    Sinopec, FTSI form JV to tap China’s unconventional resources

    Sinopec Group

    Sinopec Group has entered into a 15-year joint venture agreement with FTS International (FTSI), with the intention of tapping into China’s vast unconventional resources. FTSI is a North American well completion service company with 1.6 million hydraulic hp deployed in major US shale basins.

    The new venture, to be called SinoFTS Petroleum Services Ltd. (SinoFTS) and based in Beijing, will be the first oilfield services collaboration of its kind between a non-Chinese well completion company and a Chinese national oil company, FTSI said. FTSI will provide its expertise in hydraulic fracturing, using new equipment that FTSI will manufacture in the US and adapt for the Chinese environment.

    Sinopec will own 55% of the JV while FTSI will hold the remainder, and it will serve both Sinopec and other exploration and production companies throughout China. The JV plans to initially focus on the Sichuan basin, where operations for the initial pressure pumping fleet are expected to begin in 2015. FTSI believes further deployments will occur in basins throughout China.

    Last month, Sinopec formed a JV with Weatherford International to expand the Chinese company’s upstream business, focusing on China’s shale gas resources. Additionally, the company previously signed an agreement with ConocoPhillips for joint research regarding shale gas exploration, development, and production in the Sichuan basin.

    The US Energy Information Administration previously estimated that China has 145 trillion cu m of recoverable shale gas resources in the Sichuan and Tarim basins.

     

     

    Related Articles

    Oilfield equipment rental market worth $53.7B by 2019

    09/02/2014 The market study "Oilfield Equipment Rental Market by Drilling Equipment (Drill Pipe, Drill Collars, Heavy-Wate, Drill Subs), Pressure & Flow Control Equipment (BOP, Valves & Manifolds...

    Transformational technology

    08/11/2014

    Unconventional resources have transformed the North American oil and gas industry and have enabled the United States to get closer than ever to energy self-sufficiency.

    Embattled Brent

    08/11/2014

    Uneasy is the head that wears the crown. This phrase - famously penned by William Shakespeare for the play Henry IV - is surprisingly relevant when discussing today's crude oil markets.

    Shale advances in several countries

    07/18/2014 By 2019, tight oil supply outside the United States could reach 650,000 barrels per day, including 390,000 b/d from Canada, 100,000 b/d from Russia, and 90,000 b/d from Argentina, according to a ne...

    Permian gearing up for increased output

    07/18/2014

    The use of horizontal rigs and hydraulic fracturing technology has revived the Permian Basin.

    More Oil & Gas Financial Articles

    Oilfield equipment rental market worth $53.7B by 2019

    Tue, Sep 2, 2014

    The market study "Oilfield Equipment Rental Market by Drilling Equipment (Drill Pipe, Drill Collars, Heavy-Wate, Drill Subs), Pressure & Flow Control Equipment (BOP, Valves & Manifolds), Fishing Equipment and Other Equipment – Global Trends and Forecasts to 2019" published by MarketsandMarkets, defines and segments the market with regional forecast and segment revenue estimates through to 2019.

    Transformational technology

    Mon, Aug 11, 2014

    Unconventional resources have transformed the North American oil and gas industry and have enabled the United States to get closer than ever to energy self-sufficiency.

    Embattled Brent

    Mon, Aug 11, 2014

    Uneasy is the head that wears the crown. This phrase - famously penned by William Shakespeare for the play Henry IV - is surprisingly relevant when discussing today's crude oil markets.

    Shale advances in several countries

    Fri, Jul 18, 2014

    By 2019, tight oil supply outside the United States could reach 650,000 barrels per day, including 390,000 b/d from Canada, 100,000 b/d from Russia, and 90,000 b/d from Argentina, according to a new report from the International Energy Agency dated June 17.

    Permian gearing up for increased output

    Fri, Jul 18, 2014

    The use of horizontal rigs and hydraulic fracturing technology has revived the Permian Basin.

    Most Popular

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ