Halliburton Wins $98.7 Million Service Contract With Mexico's Pemex
February 17 2009 - 12:22PM
Dow Jones News
Oil services company Halliburton Co. (HAL) won a $98.7 million
contract to install offshore oil well components for Mexican state
oil monopoly Petroleos Mexicanos, Pemex said Tuesday.
The contract will improve reservoir pressure and optimize
drilling results at offshore installations, where Pemex produces
80% of its crude oil.
The contract is scheduled to start on March 13 and last two
years. Pemex has a total investment budget of $19.4 billion this
year, making it an attractive location for oil services and
equipment providers like Halliburton.
Pemex has ramped up spending in recent years in an effort to
find and develop new oil fields to compensate for declining
production at the giant Cantarell oil field.
-By Peter Millard; Dow Jones Newswires; 5255-5001-5724;
peter.millard@dowjones.com