Halliburton forms JV for shale fracturing in China
XINJIANG, China -- Halliburton has signed an agreement with the SPT Energy Group affiliate, Petrotech (Xinjiang) Engineering Co., to establish a joint venture company focused on hydraulic fracturing and production enhancement services in Xinjiang.
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 MT, while total BOE throughout Xinjiang province is expected to reach 100 MT and account for up to one-third of China' s BOE.