PEMEX Awards $159 Million Drilling Contract To Halliburton

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PEMEX Awards $159 Million Drilling Contract To Halliburton

Published: 23-Jul-2009

By: Staff Writer Staff Writer Staff Writer

Petroleos Mexicanos (PEMEX) has given a $159 million contract to Halliburton Company (Halliburton), to drill 170 wells in Mexico's Chicontepec province, Dow Jones Newswires reported. The contract runs for three years and will comprise four drilling rigs. Mexico is ramping up activity at Chicontepec to compensate for declining production at the country's traditional oil fields. Halliburton secured the contract through a direct award after a tender was declared void in May 2009.

PEMEX is also planning to finalize a series of smaller drilling contracts with local oilfield services companies, a company spokesman said.

In March 2009, Schlumberger Limited and Weatherford International Limited each secured 500-well contracts for Chicontepec.

PEMEX is expecting the area to produce a quarter of Mexican output, or 737,000 barrels a day, by 2017.

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