The world's leading oilfield services provider is deepening its collaboration with China's oilfield provider.
Anton Oilfield Services Group (Antonoil) has announced the sale of 423,361,944 shares, equivalent to 20.1% stake in the group, to energy service provider Schlumberger, in a move to strengthen ties between Chinese and foreign energy companies.
With Headquarters in Houston, Paris and The Hague, Schlumberger provides oilfield services, such as technology, information solutions and integrated project management to companies working across the oil and gas industry.
The global service provider reported revenues of $39.54 billion in 2011 and hopes the latest acquisition will help increase ties with China, whose influence in the global energy arena continues to expand. In return, Antonoil will increase its market clout by deepening co-operation with their international counterparts and boosting R&D efficiency.
While Antonoil stated that Schlumberger would not be involved in the day-to-day management of the company, Luo Lin, Chairman of Antonoil, was optimistic about the “positive impact [of the partnership] on China's oilfield services industry” and believes the deal will help both parties capitalise on the extensive opportunities in the Chinese market.