Weatherford, Sinopec, Shengli form joint venture in China
May 22, 2014
Weatherford International Ltd., Sinopec Oilfield Service Corp., and Shengli Highland Petroleum Equipment Co. Ltd. have entered into a joint venture agreement to form a new equity joint venture company in China.
Offshore staff
GENEVA, Switzerland – Weatherford International Ltd. (NYSE/Euronext Paris/SIX: WFT), Sinopec Oilfield Service Corp., and Shengli Highland Petroleum Equipment Co. Ltd. have 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 CEO, 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. 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.”
