Pemex Plans Tenders to Revamp Southern Oil Fields

VERACRUZ Jun 29, 2007 (Dow Jones Newswires)

Mexican state oil company Petroleos Mexicanos is putting together a tender package for drilling and oil field services at aged fields in its southern region, an area hit with declining output, company officials said.

This forms part of a strategy by Pemex to increase output at more expensive oil fields to halt the country´s waning oil production. Mexico's total oil output has fallen some 200,000 barrels a day since 2005, averaging 3.15 million barrels a day in the first five months of this year.

"We're putting together the framework for a tender for those mature fields in the south region," said Carlos Morales Gil, the head of Pemex's exploration and production.

He said the tender should be ready before the end of this year.

Oil production in Mexico's southern region fell to 469,213 barrels a day in May, down from 550,000 barrels a day in 2000, according to company figures. Most fields in this area are over 30 years old.

Felipe de la Vega Mendoza, a Pemex oil field productivity manager for the region, said the tender will include drilling new wells and improving recovery rates by implementing technologies to limit the amount of sand and water coming out of the reservoirs.

Copyright (c) 2007 Dow Jones & Company, Inc.

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