Gulf Oil and Gas accountACCOUNT

Saudi Aramco not Interested in US Frac Tech Stake

Source: Reuters 12/27/2011, Location: Middle East

State oil giant Saudi Aramco denied it was competing for a stake in US-based Frac Tech International, a company that operates technology used extensively in North America to free up trapped oil and natural gas.

"Recent media reports suggesting Saudi Aramco is competing for an interest in a US-based shale-gas services provider are completely untrue," Aramco said in an e-mailed statement.

On Dec 14, sources said Saudi Aramco and Chinese oil companies, Sinopec and CNOOC Ltd, are each in talks to buy a stake in Frac Tech International.

The sources said Frac Tech was also in advanced talks with Aramco, Spain's Repsol-YPF SA and Sinopec - as China Petroleum & Chemical Corp is known - to establish three separate fracking joint ventures in the Middle East, Argentina and China.

Fracturing is an oil and natural gas drilling technique that has sharply boosted North America's energy output and is now spreading abroad.

Saudi Aramco is keen to develop its unconventional gas resources to meet rising domestic demand but production prices are still too high, a senior executive at the company said in September.

Aramco has started evaluating tight gas and shale gas where it would initially focus on the northwest and in the area of the world's largest onshore oilfield Ghawar as gas infrastructure is already in place.

In November, Saudi Aramco's chief executive acknowledged that the use of fracking was set to shift the energy balance of power and US dependence on Middle East oil.

Acquisitions and Divestitures News in Saudi Arabia >>

United Kingdom >>  8/22/2019 - Reabold Resources is pleased to announce that it has increased its investment in Rathlin Energy (UK) Limited (Rathlin), the operator of the West Newto...
United States >>  8/22/2019 - 88 Energy Limited (88 Energy) provides the following update related to the farmout process for its conventional prospect portfolio at Project Icewine,...

Brazil >>  8/18/2019 - BW Offshore (BWO) has announced that The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) has granted BW Offshore status as oper...
Morocco >>  8/18/2019 - Announcing its unaudited results for the six months ended 30 June 2019, Genel Energy said that, on the Sidi Moussa block offshore Morocco (Genel 75% w...

Brazil >>  8/8/2019 - Petrobras has started the teaser for the sale of all its stakes in 11 shallow water production fields in the Campos Basin, jointly known as Polo Garou...
Kuwait >>  8/7/2019 - Kuwait's Petrochemical Industries Company (PIC) has acquired 49 percent of operations of South Korean SKC, and the two firms agreed to establish a joi...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 |

More News

Related Links

AE BH IL IQ JO KW LB OM QA SA SY YE
Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.