Canadian firm in Saudi drilling services JV
Al Khobar (Saudi), April 26, 2011
Canada-based oilfield services provider Strata Energy Services said it has entered into a joint venture agreement with Shoaibi Group to provide integrated performance drilling services in Saudi Arabia and its territorial waters.
The new JV company, Strata Energy Services Saudi Arabia Limited (Sessal), to be headquartered in Al Khobar, Saudi Arabia, will offer fully integrated oilfield services with a special focus on underbalanced drilling and managed pressure drilling.
The Saudi venture will also offer the complete line of patented rotating flow diverters (RFD) for all drilling applications, surface recovery and separation, light snubbing services, well design and project management as well as any additional equipment required to perform the same, said a statement from Strata Energy Services.
Shoaibi Group director, Faisal Al Shoaibi, said, 'With Strata Energy’s reservoir optimization technologies and skills combined with Shoaibi’s regional market expertise, I am confident that Sessal will capture the fast growing demand for enhanced oil recovery (EOR) technologies in Saudi, and expand its business in due time across to Bahrain and Algeria.”
Paul Cockerill, Shoaibi Group oil & gas services director, said Strata Energy was an exceptional addition to Shoaibi's growing upstream portfolio.
'Sessal perfectly complements existing technologies within the group, which in turn facilitates a long term strategy of offering integrated services to our customers and allows Shoaibi Group and our partners to compete with conventional service companies.'
'If the price of oil continues to rise in the long term, EOR projects can benefit from low economic risk, and can compete with conventional developments,' Cockerill noted.
'Considering the normal decline in producing fields, about 64 million barrels per day must be added to meet that forecast demand by 2030; it is anticipated that some 5 million barrels per day will be obtained from additional EOR production,' he added.
Strata Energy Services CEO Ken Travis said, “We see the Shoaibi as exceptional partner for the region and recognize this partnership as being instrumental in establishing our service offering with the Saudi.'
' In addition to strong market knowledge and relationships, the Shoaibi Group brings a strong portfolio of companies with synergistic value that will help ensure success for all,' he added.-TradeArabia News Service
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