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.
|November, 16, 10:10:00|
|November, 16, 10:00:00|
|November, 16, 09:55:00|
|November, 16, 09:50:00|
|November, 16, 09:45:00|
|November, 16, 09:40:00|
PLATTS - Asia is a growing market for Russian energy, including LNG, and a potential source of investment for the world's largest producer of resources and minerals. The Kremlin has increasingly looked to build its presence in the Asian region following the imposition of tough sanctions by the US on Russia.
REUTERS - “The Saudis are very angry at Trump. They don’t trust him any more and feel very strongly about a cut. They had no heads-up about the waivers,” said one senior source briefed on Saudi energy policies.
PLATTS - "It is obvious that we need to cooperate with Saudi Arabia, and we are going to cooperate with Saudi Arabia. OPEC plus has been very positive, and we see that in the market situation," Putin told reporters in Singapore during a briefing broadcast on Russia 24.
U.S. OFR - The U.S. Office of Financial Research (OFR) released its 2018 Annual Report to Congress, stating that risks to U.S. financial stability remain in the medium range, reflecting a mix of high, moderate, and low risks to the financial system.