China’s CNPC has reportedly reached a deal to restructure its oil field services business.
According to Reuters, CNPC is planning to restructure its services unit and is ready to sell of some of its largest oilfield subsidiaries.
Xinjiang Dushanzi Tianli High & New Tech Co. Ltd told Reuters that its in talks to buy CNPC’s oilfield services assets.
According to a stock exchange filing seen by Reuters, that purchase could include China Petroleum Pipeline Bureau and China Petroleum Engineering and Construction Corp.
CNPC has not disclosed any details about the reported restructuring.
According to CNPC’s 2014 annual report, the firm’s services unit had 166 seismic crews in operation, with 96 domestic crews and 70 overseas crews.
In 2014, the company also completed 24 deepwater prospecting projects.
CNPC had 1,018 drilling rigs in operation in 2014, with 824 rigs and 194 overseas rigs.
The company also drilled 10,970 domestic wells and 1,316 overseas wells in 2014.