Kemp: US Fracking Giant Goes To China
In March, Helmerich & Payne, one of the largest drillers in North America, announced it will transfer 10 of its modern FlexRigs to exploit Argentina's Vaca Muerta shale under a five-year contract with state-owned YPF, which has teamed up with Chevron (Platts Energy Economist, May 1).
Royal Dutch Shell is developing plans with local partners to produce shale gas from beneath South Africa's Karoo semi-desert wilderness.
But this is the first time that a specialist hydraulic fracturing firm from North America has entered the Chinese market.
Technology Transfer
"SinoFTS will serve both Sinopec and other exploration and production companies throughout China," FTSI announced.
The joint venture will initially concentrate on Sichuan, China's most promising shale play, with operations expected to commence there in 2015, but it expects eventually to deploy its fleet of pressure pumping equipment to sedimentary basins throughout China.
The joint venture will be based in Beijing and managed by a team of experts drawn from both countries. It is an important piece of technology and know-how transfer.
"SinoFTS will use new equipment that FTSI will custom-manufacture in the United States, featuring the latest innovations and adapted to the specific requirements of the Chinese environment," FTSI said in a press release.
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