SinoFTS Petroleum Services Ltd will be owned 55% by Sinopec and 45% by FTSI.
Headquartered in Beijing, SinoFTS will serve both Sinopec and other exploration and production companies throughout China.
SinoFTS will use new equipment, adapted to Chinese requirements, that FTSI will custom-manufacture in the US.
FTSI says that SinoFTS is the first oilfield services collaboration of its kind between a non-Chinese well completion company and a Chinese national oil company.
The joint venture will initially focus on China’s Sichuan basin, with the fleet expected to starting operating in 2015. Further deployments of pressure pumping fleets are expected in basins throughout China.
FTSI CEO Greg Lanham said: “We are very excited to begin this joint venture with such an esteemed partner. China has vast untapped shale gas resources, and we’re eager to play a role in their development. Just as FTSI was born out of the emergence of the US unconventional energy industry, we expect that SinoFTS will enhance the development of China’s domestic energy renaissance.”
