TouGas announces strategic partnership for hydraulic fracturing market in China
Frankfurt (Germany) – December 5th, 2013.
TouGas Oilfield Solutions GmbH announced today that the company has entered into a strategic partnership agreement with Petro-King, a leading China based oilfield service company. Through this agreement Petro King and TouGas will jointly develop and commercialize products for the hydraulic fracturing market. Both companies will work on solutions to improve productivity of unconventional oil and gas assets while reducing the environmental footprint of hydraulic fracturing operations. Petro King and TouGas target in particular the development of solutions which enable hydraulic fracturing without fresh water usage.
“This new partnership will contribute towards developing the hydraulic fracturing market in China. Petro-King is a very successful oilfield service company and we are delighted to work with such a strong partner. Petro- King is one of few China based oilfield services companies with the capability to provide high-end integrated oilfield technology and services globally. Through this strategic partnership, we strive to develop non-fresh water fracture fluid systems and expand into the global market.” said Tore Land, President & CEO of TouGas.
About Petro King
Petro-King Oilfield Technology Ltd.(Hong Kong stock code: 2178）is a leading independent China-based provider of high-end oilfield services specializing in well drilling and completion. Its services mainly include technical consultation, project management, well drilling, completion, stimulation, production, surface equipment, and testing equipment in oilfield. It also provides associated products (www.petro-king.cn)
TouGas Oilfield Solutions GmbH is a privately held specialty materials company and commercializes proprietary products and related services for well stimulation, hydraulic fracturing and enhanced oil recovery. TouGas is backed by Enertech, a subsidiary of the Kuwait Investment Authority, Conduit Ventures and Cassella GmbH. The company is headquartered in Frankfurt-Fechenheim (Germany) and serves an international customer base in the oil and gas industry (www.tougas-oil.com).