13 September 2012

Antonoil and Schlumberger Sign JV in China to Offer Integrated Project Management Services

Hong Kong - 13 September 2012 (PRNewswire) - Anton Oilfield Services Group ("Antonoil"), the leading independent oilfield services provider in China, today announced a joint venture with the leading global oilfield services company Schlumberger at a signing ceremony held in Beijing. The JV, which will provide integrated project management services for the development of China's onshore oil and gas projects, will be incorporated in China with Antonoil and Schlumberger holding stakes of 40% and 60%, respectively. Both companies will second members of their management to jointly lead the JV. 

The JV represents a stepping up of cooperation between the two parties following Schlumberger's acquisition of a 20.1% stake in the Group this July, and further reflects the parties' mutual understanding and their positive outlook on the Chinese market. With China's onshore oil and gas sector entering a new phase of development, especially in the development of emerging energy resources, stand-alone services can no longer meet demand in delivering higher production and cost savings at the same time. Integrated project management can deliver both higher growth and improved efficiency. By offering end-to-end management of oil and gas exploration and development -- from project design, resource procurement to project supervision -- the synchronization of various stand-alone services throughout the project to facilitate overall production growth and cost savings. As a result, customers are in greater demand for integrated solutions. 

As service providers, Antonoil and Schlumberger are compelled to respond to such demands. Antonoil and Schlumberger decided to form a JV in order to provide integrated project management services for oil and gas exploration and development in China. Schlumberger is a world-leading oilfield services provider with global experience, advanced technology and outstanding operating standards. Integrated project management is a service model that Schlumberger spent years developing, with proven success worldwide; meanwhile, Antonoil is a leading independent oilfield services provider in China with local expertise, specialized industry knowledge, access to a variety of resources as well as a strong team of highly experienced engineers. Since the Group built up its integrated services department in 2010, Antonoil's integrated project management has generated early success in China. The partnership between Antonoil and Schlumberger combines the respective strengths of each party in integrated project management through a unique service platform that provides advanced solutions from across the globe and with local expertise, ultimately bringing greater value to customers. Antonoil believes the action of both parties should bring premium value to the customers. At the same time, the development of the integrated project management services will also boost the demand for both parties' stand-alone services and will benefit their respective businesses. One point needs to be emphasized: as integrated project management services require premium services to be pooled from different channels to bring great value to customers, the JV will also be an open platform for cooperation with other services providers, creating a multi-lateral winning partnership. 

Antonoil is headquartered in Beijing with sales offices and operations bases across China's major onshore oil and natural gas basins. The Group also has an international headquarters in Dubai with an extensive network across the Middle East, Central Asia, Africa, and Americas. 

Source: Anton Oilfield Services Group (PRNewswire)