13 Juli 2014

[130714.EN.BIZ] Halliburton Takes 49pc in STP Joint Venture on Xinjiang Fracking Job

HOUSTON energy giant Halliburton has announced it has joined in Xinjiang HDTD Oilfield Services Co, 51 per cent owned by China's STP, in a joint venture to provide fracturing in northwest China, near the Tarim Basin.

Xinjiang HDTD Oilfield Services Co, the joint venture company, is Halliburton's first China venture.

"Over the next decade, there will be great opportunities from the parallel development of conventional and unconventional resources in China," said Halliburton vice president David Zeng.

China's oil industry is dominated by state-owned firms, which the government considers vital to its national interests, said the Halliburton statement. 

"So far, state-owned oil companies haven't developed much of the country's unconventional resources, lacking the technology to fracture dense tight oil and shale gas reservoirs," said the US company.

In combination with horizontal drilling, hydraulic fracturing has opened up once-unreachable US oil and gas reservoirs in Texas, Pennsylvania, and North Dakota. 

Blooming shale plays have drawn foreign investors from China and elsewhere, who have snapped up acreage and oil and gas producers in an effort to learn how to use the technology behind the shale energy surge, it said.

Halliburton said the Tarim Basin could have 50 million tons of oil equivalent in proven reserves by 2025, and the greater Xinjiang province might have 100 million tons in proven reserves, about a third of China's total.

The deal was originally announced in China in April, a year after its rival Schlumberger announced a similar joint venture to provide fracturing services.

In addition to hydraulic fracturing, the joint venture will also do design and analysis work on wells, as well as data acquisition, and pumping and chemical services in the Xingiang region.

Source : HKSG.

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