Wednesday, April 9, 2014

México: IMP, PEMEX Retains Help from US-based GE Oil and Gas to Bolster Oil, Gas Production

According to The Latin American Tribune, GE Oil and Gas, a unit of US industrial giant General Electric Co., will work with the Mexican Petroleum Institute (IMP) on the development of technologies to improve productivity at oil and gas fields in México, state-owned oil giant Petroleos Mexicanos (Pemex) said.

The IMP and GE Oil and Gas signed an agreement on Tuesday (April 8) covering technology cooperation in the oil industry.

The initial phase of the agreement calls for research on technologies for the “optimization of mature offshore fields and the development of projects in shallow water, deep water and ultra-deep water.”

Pemex CEO Emilio Lozoya attended the signing of the agreement by IMP director Dr. Vinicio Suro Pérez and GE Oil and Gas president and CEO for Latin America João Geraldo Ferreira.

COMMENT: México’s energy industry reforms will allow Pemex to become more competitive, expanding investment in human resources and technology as it deals with the industry’s future challenges.

The agreement with GE Oil and Gas opens the way for increasing the productivity of oil wells, identifying the natural decline of fields and expanding hydrocarbons reserves, Suro Pérez said.