Halliburton forms new joint venture in China

Houston-based Halliburton Co. NYSE: HAL has formed a new joint venture to produce oil and gas through hydraulic fracturing in China.The deal represents Halliburton’s first fracking joint venture in China. The effort is part of the next wave of shale production to take the successes in Texas and the rest of the United States to other parts of the world.The agreement is with China-based SPT Energy Group Inc. affiliate, Petrotech Xinjiang Engineering Co. Ltd. They are forming a new company called Xinjiang HDTD Oilfield Services Co. Ltd. The new company, according to Halliburton, will provide fracking and well stimulation services, including design and analysis, data acquisition, and pumping and chemical services, in the Xinjiang Uygur Autonomous Region of China.

via Halliburton forms new joint venture with Petrotech Engineering Co. Ltd. – Houston Business Journal.

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