Fort Worth-based FTS International, formerly known as Frac Tech, said it signed an agreement for a Brazilian joint venture that is expected to begin operations next year in Brazil's Sao Francisco and Reconcavo basins. Its partner is PETRA Energia S.A., which it said is a private Brazilian exploration and production company headquartered in Rio de Janeiro. FTS said PETRA is that nation's largest holder of oil and gas concessions, with nearly 20 million net acres in three basins. FTS Brasil Servicos de Petroleo e Gas Ltd., as the joint venture is known, "will provide well completion products and services for onshore conventional and unconventional oil and gas wells in Brazil," the company said. FTS said the Brazilian venture will employ about 22,500 horsepower of pressure pumping equipment, commonly used in hydraulic fracturing. The company operates about 1.5 million horsepower of equipment in the U.S. currently. The company in May announced a similar joint venture in Saudi Arabia.
-- Jim Fuquay
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