Halliburton plans to drill 170 wells in Chicontepec:
Petroleos Mexicanos has awarded Halliburton Co. a $159 million contract to drill 170 wells in Mexico's Chicontepec region, marking the Houston-based company's debut in an area where its main competitors have an established presence.
Pemex, as Mexico's state oil company is known, said the contract will last three years and involve four drilling rigs. Mexico is ramping up activity at Chicontepec to compensate for declining production at the country's traditional oil fields.
Pemex expects Chicontepec to pump 40,000 barrels a day in August and 60,000 barrels a day by the end of the year. At the start of 2009 the company had higher expectations of 70,000 barrels a day on average; it expects over 700,000 bpd by 2017.