US Ex-Im Bank has approved three long-term loan guarantees totalling US$1bn to support US exports of equipment and services to Petroleos Mexicanos (Pemex) to carry out oil and gasfield exploration, development and production.

 

Each of the three transactions will involve from 200 to almost 300 US exporters or suppliers.

 

The first is a US$300mn long-term loan guarantee to support US exports for Mexico’s Strategic Gas Program (PEG) to help meet increasing demand for natural gas in Mexico. The transaction involves 230 US exporters and suppliers, many of them in Texas and Louisiana. Lead exporters include Pride Offshore Drilling; Projects & Industrial Products; Mexico Drilling Ltd; Diamond Services Corp; Offshore Drilling Co; Noble Campeche; Noble Mexico; and Berry Contracting.

 

The 15-year programme for gas exploration and production is made up of 18 separate programme areas both on and offshore. Ex-Im guaranteed two prior financings for PEG in 2002 and 2004.

 

The guaranteed lenders on the transaction are Standard Chartered and Banco Santander Central Hispano, both of New York.

 

The second is a US$300mn long-term loan guarantee to support US exports for the Cantarell oilfield, Mexico’s largest field under development.
The transaction involves 261 US exporters and suppliers. Lead exporters include Pride Offshore Drilling; Noble Drilling Services; Nabors Intnational; Diamond Offshore Drilling; Global Industries Offshore; Mexico Drilling; and K-Mesco.

 

The multi-year Cantarell development comprises many smaller projects with oilfield development companies from around the world. Ex-Im already has authorised four transactions related to the project. The current transaction supports development of five blocks in the Bay of Campeche: Akal, Nohoch, Chac, Kutz and Sihil. The guaranteed lender on the transaction is ABN Amro Bank, Chicago.

 

The third is a US$400mn long-term loan guarantee to support US exports for the New Pidiregas Projects (NPP), consisting of 23 natural gas and crude oil exploration sites located on and offshore near the Bay of Campeche off the northern coast of the Yucatan.

 

The transaction involves 297 US exporters and suppliers. Lead exporters include Solar Turbines; Noble Drilling Carmen; Noble Mexico Services; Corpac Steel Products Corp; Schlumberger Technology; Halliburton Energy Services; Bender Shipbuilding & Repair; and BJ Services Co.

 

The project work will consist of continuing natural gas and crude oil exploratory and development activities, plus optimisation work on existing Pidiregas fields.

 

Ex-Im already has authorised two transactions related to NPP projects. The guaranteed lender on the current transaction is BNP Paribas, New York.
Pemex, the world’s third largest petroleum producer, is one of the largest contributors to US imports of petroleum resources, comprising 16% of such purchases.