Houston-based energy services company Production Enhancement Group has announced that it has allowed its joint venture agreement with Saudi Arabian firm Al Qahtani Maritime & Oil Field Services, which was announced on April 16, 2007, to expire of its own terms.
The purpose of the joint venture was to deploy Production Enhancement Group’s (PEG) patented Wise multifunction coil tubing well intervention systems in the Middle East.
Don Cobb, president and chief operating officer of PEG’s Wise well intervention services, said: In the final analysis, the parties were unable to reach mutually agreeable terms under which to implement the joint venture. As well, at this stage, it makes more sense for PEG to focus on exploiting growth opportunities that we see much closer to home.