Ceremony Held in Beijing to Celebrate the Establishment of
Xinjiang HDTD Oilfield Services Company
HOUSTON--(BUSINESS WIRE)--Jul. 11, 2014--
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.
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Source: Halliburton
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