Hong Kong-listed Anton Oilfield Services Group (Antonoil or the Group), an independent oilfield services provider in China, announced Friday that it has successfully won a bid, with a lead in the technical ranking, for the provision of horizontal multistage fracturing services for a block of tight oil and tight gas wells in the Erdos Basin, China. The winning bid will award 53 jobs. The Group will enter into a contract shortly with an estimated contract value of over $16.35 million (RMB 100 million).
Horizontal multistage fracturing technology is a leading technology for developing low-permeability resources with a variety of technical solutions. The Group is a well-known brand with market leadership in horizontal multistage fracturing technology. Since 2007, the Group had promoted the open-hole multistage fracturing which was widely applied over the past years. Meanwhile, the Group remains committed to developing new fracturing solutions to meet the different technical needs of different geological conditions. This tender involves three types of multistage fracturing techniques, one being the traditional open-hole multistage fracturing technology and the other two being new coiled tubing fracturing technologies. Antonoil won the bid in all three technologies, and in particular, achieved the highest score among all bidders in the area of new fracturing technologies with coiled tubing, which will make up the bulk of the orders. The Group's competitive edge in new technologies and overall capabilities allowed it to win the bid and reinforce its indisputable leadership in multistage fracturing technology.
The new fracturing technologies with coiled tubing presented by the Group in this bid include coiled tubing-conveyed resettable packer multistage fracturing technology and drillable bridge plug multistage fracturing technology. Both technologies represent novel fracturing solutions that can develop a full bore fracture and achieve cost savings. The Group is a pioneer in China in deploying new coiled tubing applications, and strives to develop new technologies and solutions for the application of coiled tubing in all stages of oil and gas field development. The new multistage fracturing technologies featured in this successful bid are the result of combining the Group's strengths in fracturing and coiled tubing technologies. At the same time, among the bidders for this project, the Group is the only technical service provider with its own coiled tubing equipment. The Group once again takes the lead in applying new multistage fracturing technologies on a large scale, which will thereby create considerable market potential for the Group.
Luo Lin, chairman of Antonoil, said, "Following the successful development and tests of the Group's new fracturing technologies with coiled tubing in earlier efforts, the awarding of the bid to Antonoil represents an opportunity for the wider application of the technologies, which will present excellent growth opportunities."
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