Pemex to Lease 8 Platforms in Deal Worth $1.2B

MEXICO CITY (Dow Jones Newswires), June 21, 2011

Pemex said it expects to issue soon an international tender to lease eight offshore oil platforms, along with other work in the southern Gulf of Mexico, in a deal worth more than $1.2 billion.

Pemex said the rigs will be used for the drilling, termination, maintenance and repair of wells as part of its program to maintain crude-oil output at its two biggest oil complexes in the Gulf: the mature Cantarell fields and nearby Ku-Maloob-Zaap, or KMZ.

A Pemex Exploration and Production committee has approved the tender, which now moves to the board of directors. If authorized, Pemex said, the tender would be published in the official government gazette and posted on its website in July, with some contracts to begin by the end of the year and early next year.

Five of the platforms are destined for KMZ, Pemex's No. 1 production site, which averaged about 845,000 barrels a day during the first five months of the year, according to Pemex preliminary figures.

Two of the platforms are to be used at Cantarell, a supergiant field that began declining in 2004. Cantarell averaged about 465,000 barrels a day in the January-to-May period of this year. Pemex's total crude-oil output averaged about 2.570 million barrels a day over the same five months.

The platform leasing program will be staggered and end in 2016, Pemex said.

Copyright (c) 2011 Dow Jones & Company, Inc.


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