Oil & Gas Editor
In the Kingdom of Saudi Arabia, FTSI is partnering with Summit Technologies Company Ltd (Summit), through Summit’s affiliate, Selected Arabia Ltd. The venture with Summit will be called FTS Arabia Ltd. FTS Arabia will provide well completion products and services for onshore conventional and unconventional oil and gas wells in the Kingdom of Saudi Arabia (KSA) and Oman. These services will be provided in similar fashion to FTSI’s vertically integrated business model in the United States, involving the manufacturing, assembly and servicing of well completion equipment, such as high-pressure hydraulic pumps and mobile pressure pumping units. Other products and services FTS Arabia may provide include the mining, production, sourcing and marketing of raw materials such as proppants and specialized well completion additives.
FTS Arabia will also provide transportation, research/development, and laboratory services in connection with its well completion services. Where feasible, FTS Arabia will seek to source manufacturing, production and other elements of business locally.
FTSI Chief Executive Officer Marc Rowland commented, “We are excited to make our first venture into the international marketplace for oil and gas services with such an esteemed partner. Summit has operated in the KSA and the Gulf region for two decades, partnering with other companies to expand their businesses in the region. Summit’s knowledge and experience in the region, partnered with FTSI’s technical expertise and experience in the oilfield services business, our vertical integration, quality manufacturing operations, and extensive supply chain network, will make this a very successful venture for both entities.”
Summit Chief Executive Officer Greg Gray said, “Summit’s mission is to align with best-in-class organizations such as FTSI, who are interested in expanding into the KSA and the broader Gulf Region. We feel that FTSI has the flexibility, expertise and resources to provide products and services that will meet our clients’ needs in the KSA and Oman, and to help maximize critical natural resources. We look forward to a very successful partnership.”
In FTSI’s second international joint venture, they will be partnering with PETRA Energia S.A., holder of 20 million acres of unconventional reserves in Brazil.
Subject to approval from Brazil’s Conselho Administrativo de Defesa Economica (Economic Defense Administrative Council), FTSI and PETRA Energia will establish a Brazilian company called FTS Brasil Ltda. FTS Brasil will provide well completion products and services for onshore conventional and unconventional oil and gas wells in Brazil. These services will be provided in a similar manner and format as they are in Saudi Arabia.
FTSI Chief Executive Officer Marc Rowland said, “This new venture with PETRA Energia demonstrates FTS International’s continuing commitment to developing new opportunities for our company to expand internationally. We are pleased to partner with such an esteemed company and look forward to helping PETRA develop Brazil’s substantial energy resources.”
PETRA Energia Chairman Roberto Viana Batista commented, “Our company’s vision, in part, is to select state of the art technologies and adapt them for use in Brazil. FTSI can provide the expertise, technology and resources to help us maximize critical natural resources. We look forward to a very successful partnership.”
PETRA Energia S.A. is a private Brazilian owned and operated exploration and production company with headquarters in Rio de Janeiro. The company holds 32 concession blocks of nearly 20 million net acres in three sedimentary basins, being the largest onshore concession holder in Brazil.