Ex-Im Bank Extends Loan to Pemex for Cantarell Field

Campeche Sound, Mexico
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Cantarell Field
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The Export-Import Bank of the United States (Ex-Im Bank) today approved a $287.3 million long-term loan guarantee to support the export of $338 million of U.S. equipment and services by over 50 U.S. companies to Petroleos Mexicanos (Pemex) in Mexico.

"Pemex is a long-time Ex-Im Bank customer, and this transaction, like those before it, will help sustain and create American jobs," said Ex-Im Bank Chairman Philip Merrill.

Companies participating in the export sale include: Dresser Rand Co., Olean, N.Y.; Halliburton Energy Services, Houston, Tex.; Kvaerner US Inc., Houston, Tex.; Noble Mexico Limited, Houston, Tex.; Pride Offshore Inc., Houma, La.; Schlumberger Technology Corp., Sugar Land, Tex.; and Solar Turbines, Inc., San Diego, Calif.

Small businesses such as Jens Oilfield Services Inc., Edinburg, Tex.; Hot- Hed International, Houston, Tex.; and Nao Inc., Philadelphia, Pa., also are suppliers on the transaction.

Pemex, Mexico's government-owned oil and gas production company, will use the engineering services, oil field equipment, and drilling and well services to develop the Sihil block of the Cantarell oil field, Mexico's largest oil field.

The guaranteed lender on the transaction is ABN AMRO Bank N.V., Chicago, Ill.

The Cantarell oil field, located in the Bay of Campeche off the coast of Yucatan in the Gulf of Mexico, is a multi-billion dollar, multi-year project composed of five oil field blocks, including Sihil. Ex-Im Bank has authorized three previous financing transactions related to the Cantarell project.

Ex-Im Bank this year marks its 70th year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2003, Ex-Im Bank, an independent federal agency, authorized financing to support $14.3 billion of U.S. exports worldwide.

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