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Tuesday, September 2, 2014

Flotek Industries to Form Two Joint Ventures in the Middle East and Africa

Houston-based Flotek Industries, which supplies chemical, drilling, and artificial lift technologies for the oilfield service industry, has struck an agreement with Tasneea Oil and Gas Technologies to establish an oilfield chemistry manufacturing company and a chemical research company to serve the Middle East and Africa markets.

The respective companies have been named Flotek Gulf LLC and Flotek Gulf Research LLC and will be based in Oman to develop, market, and produce specialty chemistries for the drilling, completion, and production of oil and natural gas. Flotek will own 55 percent of each company.

In the agreement, Tasneea “will contribute real estate in Oman” for the construction of a chemical manufacturing and blending facility, which is expected to begin in early 2014. According to Flotek, the two new companies will operate, accepting and fulfilling orders, using Flotek’s U.S. assets during the construction period.

“We are presently selling and shipping chemistry to the region and expect the direct involvement of Tasneea to increase demand for our chemistry in the coming months,” said John Chisholm, chairman, president, and CEO of Flotek. “We look forward to working with our existing blending capabilities to meet that demand until we complete our Omani development, likely sometime in the first half of 2014.”

Flotek is looking to the growth of unconventional energy in the Middle East and North Africa in order to continue expanding internationally. Chisholm commented that the Oman location is a central point to serve the region. He also noted that Tasneea and its parent, Gulf Energy LLC, have a growing presence in the region.

 

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