Eco-Stim Energy signs new technology services contract in Oklahoma, US
Oilfield service and technology company Eco-Stim Energy Solutions has signed a one-year agreement to expand its pressure pumping operations in the north central region of Oklahoma, US.
The agreement was signed with an undisclosed US-based oil and gas exploration and production company.
Through the work to be taken up as part of the agreement, Eco-Stim expects to provide support for a second well stimulation crew, thereby increasing its footprint in the region.
Eco-Stim Energy Solutions president and CEO Chris Boswell said: "We believe that this agreement will be a foundational contract that should enable the company to participate in the expanding activity levels indicated by the recent rig count increase within the Scoop/Stack/Merge formations being developed in the region.
“We continue to believe that this area is poised for growth and this contract will position the company with a second significant customer in the area."
The contract can be extended by one more year, at the discretion of the client.
Under the contract, Eco-Stim has the exclusive right to complete all of the customer's wells.
The client expects to complete 2-3 wells per month, with each well expected to be completed with about 25 stages and 40,000HHP.
Eco-Stim provides well stimulation and completion services, as well as field management technologies to oil and gas producers engaged in drilling of shale assets.