A subsidiary of Russia’s state-owned Rosneft will acquire Trican Well Service LLC, a subsidiary of Calgary, Alberta-based Trican Well Service Ltd., a press release said Aug. 14. Through agreements, the Rosneft subsidiary will acquire a full shareholding.
Trican Well Service LLC provides pressure pumping for Russia’s conventional oil and natural gas industry.
The Rosneft subsidiary obtained approval from the Federal Antimonopoly Service of the Russian Federation. The transaction is scheduled to close Aug. 20.
When the agreements are implemented, Rosneft will be able to increase economic and production efficiencies in oil recovery, downhole operations and well cementing. Making the core business more efficient is part of the company’s long-term development program, the press release said.
Rosneft will also boost its oilfield service expertise, and maintain low operational costs, the press release added.
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