•  
  •  
  •  
  •  
  •  
  • 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.

     

     

    Most Popular

    Related Articles

    NuEnergy acquires Dart Indonesia's CBM assets in Sumatra, Kalimantan

    05/21/2015 NuEnergy Gas Ltd., an Australian gas and ancillary power generation development company focused on unconventional gas exploration and production in Indonesia, disclosed May 21 the conditional share...

    Unlocking the UK shale opportunity

    05/06/2015

    More work is required to understand the potential from shale development

    Global shale lagging - here's why

    04/10/2015

    Gas-to-wire modular development model proposed for shale infrastructure in some countries

    Permian Basin update

    01/12/2015

    Over half of basin's unconventional production expected from Permian Midland

    Wood Mackenzie: The US will achieve energy independence by 2025

    10/23/2014 The US will achieve energy independence by 2025, which will mark the first time since 1952 that the US will export more energy than it imports, according to an integrated outlook by Wood Mackenzie’...

    The future of shale: capital challenges and opportunities

    10/14/2014 For US producers, shale success amid lower oil prices is increasingly dependent on the basin and operator, panelists explained during EY Oil & Gas Center’s Energy Executive Insight Session on T...

    More Oil & Gas Financial Articles

    NuEnergy acquires Dart Indonesia's CBM assets in Sumatra, Kalimantan

    Thu, May 21, 2015

    NuEnergy Gas Ltd., an Australian gas and ancillary power generation development company focused on unconventional gas exploration and production in Indonesia, disclosed May 21 the conditional share purchase agreement with Dart Energy International Ltd. on May 20 to acquire 100% of the issued share capital of Dart Energy (Indonesia) Holdings Pte. Ltd.

    Unlocking the UK shale opportunity

    Wed, May 6, 2015

    More work is required to understand the potential from shale development

    Global shale lagging - here's why

    Fri, Apr 10, 2015

    Gas-to-wire modular development model proposed for shale infrastructure in some countries

    Permian Basin update

    Mon, Jan 12, 2015

    Over half of basin's unconventional production expected from Permian Midland

    Wood Mackenzie: The US will achieve energy independence by 2025

    Thu, Oct 23, 2014

    The US will achieve energy independence by 2025, which will mark the first time since 1952 that the US will export more energy than it imports, according to an integrated outlook by Wood Mackenzie’s Global Trends Service.

    OGFJ photo of the day


    Click to view slideshow

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ