Weatherford, Sinopec Oilfield and Shengli Highland to form joint venture company
Weatherford International Ltd. (NYSE / Euronext Paris / SIX: WFT), Sinopec Oilfield Service Corporation and Shengli Highland Petroleum Equipment Co., Ltd., today announced having entered into a joint venture agreement to form a new equity joint venture company in China.
The joint 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 Chief Executive Officer commented, “Each company brings distinct, yet complementary expertise in oilfield services. The joint venture will strengthen Weatherford’s long-term commitment and growth in China. The specific country geology presents challenging opportunities to build efficiencies into complex wells.
With the depth and breadth of our services expertise, industry-leading products and innovative technologies, the agreement will help unlock the large potential presented by the development and production of oil and gas in China. This is our 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.”