NEW YORK (AP) — Halliburton said Friday it is entering its first joint venture in China that will use hydraulic fracturing, or fracking, to unleash energy.
The Houston company, which provides drilling services to oil and gas operators, said it will create the joint venture with an affiliate of SPT Energy Group. The venture will focus on hydraulic fracturing and production enhancement services in Xinjiang, China.
Halliburton said the companies have worked together for seven years.
Hydraulic fracturing frees gas from deep rock deposits by injecting wells with chemical-laden water at high pressure.
Halliburton Co. shares lost 59 cents to $68.76 in midday trading. Its shares are up more than 55 percent over the past year.
Copyright 2015 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you