China’s state-owned China Petrochemical Corp., or Sinopec Group, has set up an oilfield services company called Sinopec Oilfield Services Group.
Oilfield service companies are in demand worldwide to perform specialized tasks during the oil and gas extraction process. The new company is dedicated to providing ground-level support to tap into that growing demand.
Sinopec Oilfield will provide such services in China and in the international markets of North America, the Middle East, Africa, and other parts of Asia, Fox Business reports
The Chinese oilfield services market is mostly split between Sinopec, China National Petroleum Corp., and China National Offshore Oil Corp.; between them, the three take up more than 80 percent of the market.
Sinopec Oilfield, the product of a restructuring within Sinopec Group’s oilfield engineering firms, is based in Beijing with present total fixed assets of about $12.2 billion.
Things already look promising for the new company; it has 480 contracts spread over 43 countries, collectively worth $14.2 billion. The company expects to see CNY95 billion in revenue this year.
