Anton Wins Tight Oil Development Services Contract in China
Anton Oilfield Services Group (Antonoil or the Group), the leading independent oilfield services provider in China, reported Tuesday that the Group has won a bid for the provision of tight oil development services today covering horizontal well drilling and fracturing integration for two well projects in northwestern China. The contract value is estimated to stand at approximately $8.5 million (CNY 53 million). The awarding of this service order follows a similar contract win involving horizontal well open hole multi-stage fracturing services for another tight oil development project in the Sulige area in Erdos in the previous month.
This year thus far, Antonoil has continued to win bids for tight oil development services using unconventional oil and gas technology in new tight oil development services markets in a service area covering both eastern and western China and spanning from horizontal well drilling, well completion and multi-stage fracturing. During the year, in the new tight oil development services markets, the Group’s newly increased orders for tight oil development services have added up to $19.3 million (CNY 120 million). It has been noted that in the last two years, a growing number of oilfields in China, especially old oilfields, have turned to unconventional oil and gas technology for tight oil development, achieving breakthroughs as a result. The tight oil development services market is set for explosive growth in the years to come as some of which, that started off as pilot projects, bear fruit.
Anton management believes that the outlook for the application of unconventional oil and gas technology for tight oil development in old oilfields in China is promising. With more and more oilfields ready to employ unconventional oil and gas technology in tight oil development, the Group is positive about winning more projects in China this year.
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