ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

SLB Schlumberger Ltd

44.495
0.865 (1.98%)
Last Updated: 20:46:53
Delayed by 15 minutes
Share Name Share Symbol Market Type
Schlumberger Ltd NYSE:SLB NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.865 1.98% 44.495 45.185 43.81 44.27 10,358,661 20:46:53

Mexico's Pemex Calls 170-Well Chicontepec Drilling Tender

24/02/2009 8:07pm

Dow Jones News


Schlumberger (NYSE:SLB)
Historical Stock Chart


From Jun 2019 to Jun 2024

Click Here for more Schlumberger Charts.

Petroleos Mexicanos on Tuesday announced a 170-well tender for the Chicontepec oil region where Mexico plans to be pumping up to 700,000 barrels a day by 2017.

Mexico is aggressively developing Chicontepec, which spans three states in northern Mexico, to help offset declining production at the country's traditional oil fields.

Pemex said it will pick the winning bid on April 7 with work starting in early May and lasting two years. Pemex often runs into bureaucratic delays in assigning large contracts.

Late last year Pemex announced two Chicontepec drilling tenders, each for 500 wells, that have attracted interest from oil-services giants Schlumberger Ltd. (SLB), Halliburton Co. (HAL) and Weatherford International Ltd. (WFT).

Mexico's urgent need to bring new oil fields into production has made the country a bright spot for oil-services firms during a year when most oil companies are cutting their investment budgets due to low oil prices.

Mexican oil production has fallen 9% over the past year to levels not seen since 1995. At this pace the country will run out of surplus oil for exports in around six years, putting the country at risk of a fiscal crisis. Around a third of government revenue comes from oil.

Chicontepec is a main pillar in Pemex's strategy to get oil production back above 3 million barrels a day by 2015. Pemex expects to be producing only 72,000 barrels a day at the basin this year despite two years of aggressive drilling. But by 2015 Pemex says Chicontepec will be producing 511,000 barrels a day, or a sixth of total output.

Observers see Pemex's Chicontepec target as hard to meet. A well at Chicontepec pumps only a few hundred barrels a day, compared with a few thousand barrels at Mexico's prolific oil fields in the Gulf of Mexico.

- By Peter Millard; Dow Jones Newswires; 5255-5001-5724; peter.millard@dowjones.com

 
 

1 Year Schlumberger Chart

1 Year Schlumberger Chart

1 Month Schlumberger Chart

1 Month Schlumberger Chart

Your Recent History