Halliburton Announces Joint Venture with SPT Energy Group
July 11 2014 - 9:55AM
Business Wire
Ceremony Held in Beijing to Celebrate the
Establishment of Xinjiang HDTD Oilfield Services Company
Halliburton (NYSE: HAL) announces that it 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.”
ABOUT HALLIBURTON
Founded in 1919, Halliburton is one of the world’s largest
providers of products and services to the energy industry. With
more than 80,000 employees, representing 140 nationalities in
approximately 80 countries, the company serves the upstream oil and
gas industry throughout the lifecycle of the reservoir – from
locating hydrocarbons and managing geological data, to drilling and
formation evaluation, well construction and completion, and
optimizing production through the life of the field. Visit the
company’s website at www.halliburton.com. Connect with Halliburton
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HalliburtonFor Investors:Kelly Youngblood,
281-871-2688Investor Relationsinvestors@halliburton.comorFor Media:Cathy
Mann, 281-871-2601Global Marketing & Strategypr@halliburton.com
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