GE wins Pemex subsea deal

June 5, 2013

GE Oil & Gas and Pemex Exploration and Production have signed an US$84 million agreement for the supply and installation of subsea wellheads for Pemex’s deepwater and ultra-deepwater drilling projects in the Gulf of Mexico.

The agreement, GE said, marks the company's largest agreement with Pemex for the supply of subsea high capacity wellheads. GE will supply SMS800 and DWHC 700 high capacity wellheads; similar GE technology has previously been installed at several other Mexican oil fields including Perdido, Lakach and Kunah.

“Pemex uses the most advanced technology in the world; our main goal is to optimize the hydrocarbon reserves and the resources we have," said Carlos Morales Gil, Head of Pemex Exploration and Production. "This is one of the reasons we've been using technology and expertise provided by GE Oil & Gas for several years now."

The GE contract follows news of a framework agreement Pemex signed a day earlier with the Export-Import Bank of China, establishing a line of credit for US$1 billion. The financing will allow Pemex to procure vessels and other offshore equipment.

The agreement - signed in the presence of Chinese President Xi Jinping, Mexican President Enrique Pena Nieto, and Pemex CEO Emilio Lozoya Austin - will last for three years and assist Pemex in modernizing both its fleet and its equipment operating at sea, Pemex said.

Image: Emilio Lozoya Austin | Credit: Pemex



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