Pemex awards contract to Schlumberger

Mar 11, 2009 01:00 AM

Petroleos Mexicanos awarded a $ 687 mm contract to a unit of Schlumberger to drill 500 wells at the onshore Chicontepec field in Mexico as it seeks to boost slowing production.
Schlumberger, the world's largest oilfield services provider, beat out Weatherford International, Halliburton and Baker Hughes, Pemex, as the Mexico City-based company is known, said.

Pemex needs to drill more than 1,000 wells a year at Chicontepec, small, connected deposits that stretch across the states of Veracruz and Puebla, to meet a production goal of about 700,000 barrels by 2017 at the field. The company is seeking to offset the fastest drop in output since 1942.
Pemex extracted about 33,000 barrels of crude from Chicontepec in December.

The field was discovered in 1926. Production and exploration have been delayed because the field's pressure is too low and the technology to develop it isn't readily available.
Weatherford and Halliburton already have drilling contracts to work at Chicontepec.

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