Weatherford International Ltd., Sinopec Oilfield Service Corp., and Shengli Highland Petroleum Equipment Co. Ltd. have entered into an agreement to form a new equity joint venture company in China to to tap into the country's vast unconventional resources.
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 that 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.”