Sinopec sets up new oilfield service unit for international markets
BY YVONNE LEE
HONG KONG -- Sinopec Group, has set up a new oilfield service company in Beijing to provide services not only in China, but also in international markets such as North America, Middle East, Africa, Central Asia and South East Asia. The new unit is estimated to receive $15.2 billion of revenue this year. It has already chalked up 480 contracts in 43 countries worth $14.2 billion.This will help its parent gain a further foothold in the oilfield services market, strengthening its competitive edge in China as well as overseas.
China, the world' s largest energy consumer, is increasingly demanding more such services to extract resources from domestic and overseas projects. At present, China' s oilfield services market is dominated by the three largest oil giants, including Sinopec, CNPC and CNOOC, which account for over 80% of the market share, with the remaining divided between 1,200 domestic oilfield services providers including Anton Oilfield Services Group.
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