PEG, Creatica to Form JV for Well Intervention Systems

Houston-based energy services firm Production Enhancement Group (PEG) (TSX: WIS) has signed a term sheet with Mexican holding company Grupo Creatica to form a JV to deploy PEG's WISE multifunction coil tubing well intervention systems.

"We are looking forward to expanding rapidly into the onshore and offshore markets in Mexico," Grupo Creatica VP Gerardo del Valle said in a statement.

Grupo Creatica operations include contract drilling services for geothermal fields and E&P in oilfields outside of Mexico.

"[The] well intervention systems are ideally suited for the diverse terrain encountered throughout Mexico and, being self-contained, can reach remote areas of the country," Del Valle said.

The holding company will own 51% of the JV and PEG the remainder, the statement said.

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