Weatherford, Sinopec Oilfield Service Corporation and Shengli Highland Petroleum Equipment have entered into an agreement to form a new equity JV company in China.
The trio say that the venture will combine the complementary strengths of each of its parent companies to provide products and services within a collaborative framework helping to tap into the vast unconventional resource base in mainland China.
Bernard J Duroc-Danner, Weatherford’s chairman, president and CEO, described it as a “first step”.
“We envision we will bring the full range of Weatherford’s oilfield services capabilities to China, helping achieve targets of tapping into one of the world’s largest reserves of unconventional fuels,” he said.
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