Kemp: US Fracking Giant Goes To China
John Kemp is a Reuters market analyst. The views expressed are his own
LONDON, June 11 (Reuters) - State-of-the-art American fracking technology is coming to China's vast shale deposits as a result of a joint venture between FTS International and Sinopec announced on Tuesday.
SinoFTS, as the joint venture will be called, marks an important milestone on the road to exporting the North American shale revolution around the world.
FTSI, formerly known as Frac Tech, was one of the first providers more than a decade ago of hydraulic fracturing equipment and services in the Texas Barnett shale, the first shale basin to be developed in the United States.
Since then, the company has grown into the largest supplier of well completion services in U.S. shale formations, including pressure pumping, wireline logging and water management.
FTSI has started to export its expertise around the world through a series of strategic alliances. Since 2012, it has concluded joint ventures with local partners in Brazil as well as Saudi Arabia and Oman.
Other specialist shale drilling and fracking firms are also taking their first steps overseas.
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