Ex-Im Bank Approves Loan to Pemex for Pidiregas Project

The Export-Import Bank of the United States approved a $400 million long-term loan guarantee to support the sale of equipment and services by Nabors Industries Inc., Houston, Tex., and 166 other U.S. suppliers to Petroleos Mexicanos (PEMEX) for the New Pidiregas Projects (NPP).

NPP is made up of 23 natural gas and crude oil exploration and production sites located offshore in the Bay of Campeche off the northern coast of the Yucatan, and onshore in northern Varacruz and northwestern Tabasco. The goal of the projects is to increase Mexico's production capacity to 4 million barrels of oil and 7 billion cubic feet of gas per day by 2006.

"This transaction will benefit an enormous number of U.S. exporters and their workers, while supporting Mexico's most important source of economic growth," said Ex-Im Bank Chairman Philip Merrill.

Nabors Industries will provide approximately 26% of the total exports related to this transaction. Equipment and services provided by Nabors Industries together with 14 other U.S. suppliers will constitute 85% of the contract amount. The companies are: Baker Hughes Oilfield Operations, Claremore, Okla.; BJ Services Co., Houston, Tex.; Halliburton Energy Services, Houston, Tex.; Hasue & Associates, Tyler, Tex.; Noble Drilling Corp., Sugar Land, Tex.; Noble Drilling Services Inc., Sugar Land, Tex.; Weatherford Inc., Houston, Tex.; Schlumberger Technology Corp., Sugar Land, Tex.; Solar Turbines Inc., San Diego, Cal.; Pride Offshore, Inc., Houma, La.; Varco International, Inc., Houston, Tex.; Landmark Graphics Corp. Inc.; Consorcio Drillmar, Houston, Tex.; and G & W Systems Consulting Corp., Houston, Tex.