Tesco To Drill 10 Wells for Pemex
Tesco Corporation has signed a Casing Drilling(TM) contract with PEMEX to drill 10 onshore wells in the Burgos and Poza Rica fields in Northern Mexico. The contract is valued at just under US $4.8 million. Tesco will drill with all three casing strings on each well using Drillers Technology Rig No. 4 which was recently released from the Lobo field in South Texas. Operations are expected to commence in the latter part of the first quarter, with completion by the end of the year.
This contract represents the continuation of an ongoing business
relationship with PEMEX, where Tesco top drives have improved drilling
efficiency over approximately the past 6 years. Tesco plans to use this
development project to demonstrate to PEMEX the financial and operational
benefits of using Casing Drilling(TM) in all of its drilling operations in
Mexico. The Company believes that the introduction of Casing Drilling(TM),
which can reduce drilling time by up to 30% and eliminate many down-hole
problems, will assist in lowering drilling costs for PEMEX. PEMEX has
projected a 15% increase in oil and gas development spending for 2003 as it
seeks to increase oil and gas production over the next three years.