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FTS International (FTSI) has reached commercial agreement on the company’s second international joint venture, 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 Econômica (Economic Defense Administrative Council), FTSI and PETRA Energia will establish a Brazilian company called FTS Brasil Ltd.
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 fashion to FTSI’s vertically integrated business model in the US, involving the manufacture, assembly, and servicing of well completion equipment such as high-pressure hydraulic pumps and mobile pressure pumping units. FTS Brasil also may provide other products and services, including mining, production, sourcing, and marketing of raw materials such as proppants and specialized well completion additives.
In addition to these services, FTS Brasil will provide transportation, research and development, and laboratory services in connection with its well completion services. Where feasible, FTS Brasil will seek to source manufacturing, production, and other elements of its business locally.
This new joint venture in Brazil will add to FTSI’s international operations by creating a presence in an oil and gas rich region of South America, just as FTSI’s first joint venture – with Summit Technologies Company Ltd. – created a presence for FTSI in the Middle East.