By OGJ editors
HOUSTON, Oct. 17 -- The US Export-Import Bank is providing $900 million in three long-term loan guarantees to Petroleos Mexicanos, which is applying it toward the $1 billion it is spending on US energy services and equipment. The bank said 392 US natural gas and oil field development companies are doing business with Pemex, 86 of which are small businesses.
The Mexican oil giant will use the equipment and services to develop 44 drilling development sites throughout Mexico in three major projects—its New Pidiregas Projects (NPP), Strategic Gas Program (PEG), and Cantarell oil field project. Exploration sites are onshore and off the states of Veracruz, Tabasco, Tamaulipas, Chiapas, and Campeche. Mexico's lower house of Congress has approved the projects, which will be included in its annual national budget.
The approved loans to increase Mexico's national production capacity, include:
-- A $350 million guarantee supporting the exportation of goods and services from 191 US companies for upstream oil field development under NPP. This equipment will be used at 23 gas and oil exploration sites onshore and off in the Bay of Campeche area to maintain field pressure, optimize production, refurbish the fields, and conduct exploration. BNP Paribas, New York, is the guaranteed lender.
-- A $250 million loan guarantee from ABN Amro Bank NV, Chicago, to support the export of goods and services from 134 US companies to Cantarell oil field in Campeche state, Mexico's largest field under development. The equipment and services will maintain field pressure, drill or deepen 58 wells, and complete the drilling of 77 development wells.
-- A $300 million loan guarantee to support the export of goods and services from 67 US companies for Mexico's PEG. There are 20 program areas under PEG on and offshore Veracruz, Tabasco, Tamaulipas, Chiapas, and Campeche states. Standard Chartered Bank, New York, will provide funding.
Ex-Im Bank has approved $6.33 billion in financing supporting US exports to Pemex since 2000.
For 72 years, the bank has helped finance the sale of US exports to global emerging markets. In fiscal year 2005, it enabled 3,128 transactions by authorizing nearly $14 billion supporting almost $17.9 billion in US exports.
