- Halliburton (NYSE:HAL -0.7%) and Chinese private oilfield service provider SPT Energy sign a joint venture deal to tap tight oil and gas reserves in China's remote western region of Xinjiang.
- SPT has 20 years experience operating in Xinjiang, while HAL would contribute its expertise in enhancing oil recovery using fracking technology, says SPT, which will hold 51% of the new entity.
- It is HAL's first joint venture for hydraulic fracturing services in China, joining similar tie-ups between Weatherford and Sinopec as well as FTS International with Sinopec.