Following the announcement by Petroleos Mexicanos (PEMEX) on June 19th, Petrofac and partner Schlumberger confirm being the selected bidders on the Panuco integrated production services contract in Mexico. The contract, which runs for 30 years, is expected to be signed in late August 2012 and field operations are expected to start around the beginning of 2013.
The Panuco Contract Area contains four mature onshore fields operated by PEMEX, and was discovered in the early 1900s with an original oil in place of approximately 6.8 billion barrels. The fields have about 1,600 wells of which around 200 are currently producing a total of approximately 1,500 barrels of oil per day. Petrofac and Schlumberger will develop the fields jointly with Petrofac as the lead operator.
Schlumberger and Petrofac have complementary skill sets and execution capabilities built through subsurface knowledge, facilities expertise and operational experience in integrated asset management. On January 5, 2012, Petrofac Integrated Energy Services and Schlumberger Production Management announced the signing of a Co-operation Agreement to establish a working relationship to deliver integrated projects in the emerging and growing production services and production enhancement markets.