Northern Oilfield Services has officially announced on Aug. 5 that it will be teaming up with Power Feed-Thru Systems & Connectors, also known as PFT Systems.
PFT Systems, established in 2005, is an international electrical connector company that engineers and manufactures high voltage high-pressure systems and other durable wellhead parts with their patented Black Gator product line. Northern Oilfield Services looks forward to its partnership with PFT Systems because of the high-performance, reliability and industry-leading quality of the equipment.
“Mike Colescott and his team do really great work at PFT Systems. We have been throwing the idea around of a partnership for a while now, and we are thrilled to be working with a great company that has similar values to Northern Oilfield Services,” Sheldon Van Vost, Northern Oilfield Services CEO, said.
While Northern Oilfield Services is still in its infancy—just passing its two-year anniversary—they seem to be surprising many in the oilfield industry with their rapid growth and success in such a short period of time.
Northern Oilfield Services anticipates that, with this partnership underway, other oil and gas companies will seek higher quality wellhead and electrical equipment to make projects safer and run more efficiently.
After years of hoping for oil prices to return to better days, the magical thinking by optimistic E&Ps is out, and private-equity firms are poised to pounce.
Chesapeake Energy separately said in a filing it plans to operate six to eight drilling rigs for the next two years, about half the 14 rigs active on average in the first quarter, as it battles a historic downturn in oil prices.
Devon Energy had been actively shopping the Permian Basin assets, and others in the Rockies, the past several months.