10-09-09 State-owned Petroleos Mexicanos, or Pemex, said it signed a $ 463.5 mm contract with France's CGG Veritas covering oil exploration in a deepwater area in the Gulf of Mexico spanning more than 75,000 sq km (28,957 sq miles).
The five-year contract is for three-dimensional seismic imaging that will allow the identification of potential oil fields in the deepwater Gulf of Mexico, which preliminary estimates say could contain nearly 30 bn boe, Pemex said.

CGG Veritas will provide the technology and logistical support needed to acquire the three-dimensional seismic images, Pemex said. The state-owned oil company said that unlike other land and offshore areas, the Gulf of Mexico has not been explored extensively and expectations are running high that new fields will be found.
Studies indicate that more than 50 % of Mexico's potential oil resources are in the deepwater Gulf, which covers an area of over 550,000 sq km (212,357 sq miles), Pemex said.

Sweden's Fugro Geoteam, Norway's PGS Mexicana and France's Seismograph Services de Mexico competed with CGG Veritas Services de Mexico for the contract, Pemex said.