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 Arab Emirates >>  4/18/2019 - Eni has signed an Exploration and Production Sharing Agreement covering Block A Offshore Ras Al Khaimah, as well as the relevant Joint Operating Agree...
United Kingdom >>  4/18/2019 - Angus Energy is pleased to inform investors that, further to its announcement of 26 February 2019, the Company has now completed the acquisition of Do...

Argentina >>  4/17/2019 - Equinor adds seven offshore exploration blocks to its portfolio, after presenting winning bids in the 1st Offshore Licensing Round in Argentina. ...
Argentina >>  4/16/2019 - Qatar Petroleum has won exploration rights in five offshore blocks in the North Argentina, and Malvinas West basins in Argentina. ...

Morocco >>  4/16/2019 - Sound Energy, the Moroccan focused upstream gas company, is pleased to announce that the process to convert Schlumberger's existing 27.5% interest in ...
Russia >>  4/16/2019 - Gazprom Neft subsidiary Gazpromneft-Zapolyarye has concluded long-term risk-based operator agreements with Gazprom PJSC subsidiaries, allowing the com...

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.