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FracRock International has signed a three-year agreement with an E&P operator in the Neuquen basin of Argentina.
The agreement sets forth the basic terms and conditions necessary to negotiate and execute a three-year contract at market prices (with a 5% discount) and a minimum 40% utilization. Using market prices in effect today, the contract would yield revenues in excess of $250 million over the initial term.
In addition to traditional hydraulic fracturing methods based on 30,000 horsepower of modern hydraulic fracturing equipment, FracRock will provide its EcoFrac Solutions which assist operators in developing the Vaca Muerta shale play in an environmentally responsible manner.
“We believe the 20-plus Bbbl opportunity in Argentina is just too big for the world’s leading oil and gas operators to ignore,” said Bjarte Bruheim, the company's executive chairman. “FracRock is continuing to evaluate other business opportunities in Argentina, and we are hopeful that major investments into the development of the Vaca Muerta play will continue to be announced over the coming months.”