HALLIBURTON & CHINA: TIGHT OIL
A newly formed oil service joint venture between a private Chinese firm and U.S. oil service giant Halliburton Co plans to focus on tapping tight oil and gas reserves in China's remote western region of Xinjiang.
China is stepping up development of more difficult-to-extract resources including tight oil and shale gas, leading more local firms to seek alliances with global oilfield service companies with high-end drilling technology and experience.
The latest venture between Halliburton and China's SPT Energy, known as Xinjiang HTDT, joins similar tie-ups between U.S.-listed Weatherford and China's Sinopec Group and U.S. fracking giant FTS International with Sinopec.
SPT has 20 years experience operating in Xinjiang while Halliburton would contribute its expertise in enhancing oil recovery using fracturing technology," Sun Xiaogang, SPT's chief financial officer, told Reuters.
"Among the most geographically complicated regions in China, Xinjiang is rich in tight oil and tight gas resources," he said, adding that the model could be used in other regions.
SPT will hold 51 percent and Halliburton 49 percent of the new entity, which will have registered capital of $34 million and commit to a total investment of $100 million, Sun said.
|February, 16, 23:45:00|
|February, 16, 23:40:00|
|February, 16, 23:35:00|
|February, 16, 23:30:00|
|February, 16, 23:25:00|
|February, 16, 23:20:00|
AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.
ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.
FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.