Keppel Offshore & Marine (Keppel O&M) has strengthened its foothold in Mexico’s offshore and marine industry with the signing of an MOU (Memorandum of Understanding) with Pemex E&P (PEP) and P.M.I. Norteamérica (PMI), both subsidiaries of the Mexican state oil company.
The MOU is to jointly develop, own and operate a yard facility at the port of Altamira on the coast of the Gulf of Mexico, the first phase of which is to support the construction of six KFELS B class jackup drilling rigs for PEP.
The total yard development cost will be around US $400 million, with the first phase estimated at about $150 million.
The deal signifies a landmark partnership between Pemex and Keppel O&M, says the latter.
Emilio Lozoya, CEO of Pemex, said, “Mexico’s proven reserves of oil and gas at the start of 2013 is almost 14 Bboe and we believe that a significant number of shallow water and deepwater drilling rigs as well as FPSOs and FLNGs will be required to maximise production in the years to come,” he said.
Earlier this year Pemex outlined investment plans of US $25.3 billion for 2013, of which $20 billion was pencilled in for upstream activities.
The yard will not only service Pemex’s requirements but also independently pursue work from the private sector.
Recommended Reading
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.
Wolf in Sheep's Clothing: Cryptocurrency's Effect on Energy, Society
2024-01-24 - Cryptocurrency miners and their ravenous appetite for electricity are creating widespread problems for electricity grids that are already short of capacity.
President: Financial Debt for Mexico's Pemex Totaled $106.8B End of 2023
2024-02-21 - President Andres Manuel Lopez Obrador revealed the debt data in a chart from a presentation on Pemex at a government press conference.
Dorchester Minerals Announces Retirement of James E. Raley
2024-01-05 - Dorchester’s board designated Raley as manager emeritus in recognition of his service.
APA Promotes Stephen J. Riney to President
2024-01-10 - Stephen Riney joined APA in 2015 and has served as the company’s executive vice president and CFO.