GE Oil & Gas (NYSE: GE), Mexico’s state-owned oil and gas company Petróleos Mexicanos (PEMEX), and the Mexico Institute of Petroleum (IMP), have signed a technology collaboration agreement focused on the oil and gas sector, with the sponsorship of Mexico state-owned oil and gas company Petroleos Mexicanos.
The agreement, which was signed on April 8, will initially research technologies needed to help PEMEX improve productivity and efficiency in mature onshore fields and to develop deep and ultra-deep water projects. As Mexico implements major energy reforms to expand development of the country’s offshore and onshore oil and gas reserves, while encouraging greater private investment, the new collaboration will help ensure that the technology needed to accomplish these goals is available.
Under the pact, GE will collaborate with IMP—which is a public research organization that provides technical solutions and training to PEMEX—on three specific technology areas at the outset, including:
- To improve the efficiency of a mechanical flow device that could offer PEMEX significant recovery rate benefits in hundreds of wells.
- To increase the reliability of downhole equipment in the challenging onshore oil fields operated by PEMEX.
- To develop monitoring and inspection technologies for subsea equipment, allowing PEMEX to develop future deep water projects in a safe and cost effective way.
Lozoya Austin said “the agreement is signed in the context of the Energy Reform promoted by President Peña Nieto, and will strengthen the competitiveness of PEMEX.” In this regard, he reiterated the institutional commitment to increase investment in human resources and technology.
“Our technology collaboration agreement with GE Oil & Gas demonstrates our commitment to leverage the best solutions and expertise available to modernize Mexico’s energy infrastructure,” said Vinicio Suro, CEO of IMP. “Energy reform, talent and technology development offer significant opportunities to support PEMEX and Mexico’s economy. Our agreement with GE is an important step forward in this goal.”
“GE is committed to Mexico, technology innovation, and partnering with our customers on research and development,” said João Geraldo Ferreira, President and CEO of GE Oil & Gas Latin America. “By offering a wide array of oil and gas technologies, backed by our global network of research labs, we can help Mexico develop the energy resources and energy workforce needed for the 21st century.”