Schlumberger Wins Panuco Bid - Analyst Blog
21 Junho 2012 - 2:16PM
Zacks
Oilfield services behemoth Schlumberger Limited
(SLB), along with its partner, U.K.’s oil Petrofac Ltd., won an
integrated production service contract in Mexico for Pánuco in an
auction led by Mexico's state-run oil company Petroleos Mexicanos,
or Pemex to boost production at mature fields in its northern
region. The contract — with a span of 30 years — is scheduled to be
signed in late August, with the start-up of field operations
expected in the first half of 2013.
Discovered in the early 1900s, the Pánuco Contract Area
comprises four mature onshore fields with approximately 6.8 billion
barrels of oil. The fields — operated by Pemex — include
about 1,600 wells. Of these, approximately 200 are presently
generating 1,500 barrels of oil per day in total. Petrofac
and Schlumberger are entitled to develop the fields jointly.
Petrofac, holding the operatorship of the fields, committed an
initial investment of about $17.5 million for the first two years
on the Panuco fields. However, for the remaining contract period,
capex will be on a per barrel basis, depending on the quantum of
remaining undeveloped 2P reserves.
The other winning bidders in the Pemex-led auction are Pico
International Petroleum of Egypt for the Altamira site and the
Latin American consortium — represented by Monclova Pirineos Gas
and Alfasid del Norte —for both the Tierra Blanca and the San
Andres sites.
Per the integrated contracts, the companies will deliver oil to
Pemex in exchange of a per-barrel production fee as well as
incentives for production beyond a certain level. These integrated
contracts were intended to augment investment in the oil sector and
increase the declining production.
Halliburton Co. (HAL), Repsol SA, Baker
Hughes Inc. (BHI) and Saipem SpA (SPM)
were the companies present in the bidding process for the expansion
of the fields Altamira, Arenque, Atun, Panuco, San Andres and
Tierra Blanca. The areas may hold up to 1.7 billion barrels of oil
equivalent.
Houston, Texas-based Schlumberger is a leading oilfield services
company, providing technology, project management and information
services to the global oil and gas industry. We believe the company
is favorably positioned to benefit from the current trends in
oilfield services, given its technological leadership and
management depth.
The new alliance with Petrofac not only demonstrates
Schlumberger's strong and longstanding commitment to Mexico but
also bodes well for the company’s future growth in margin and
market share.
We maintain our Neutral recommendation on Schlumberger. The
company currently holds a Zacks #3 Rank, which translates to a Hold
rating for a period of one to three months.
BAKER-HUGHES (BHI): Free Stock Analysis Report
HALLIBURTON CO (HAL): Free Stock Analysis Report
SCHLUMBERGER LT (SLB): Free Stock Analysis Report
(SPM): ETF Research Reports
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