Last month, we discussed how Mexico has a big oil problem on its hands. Since then, we've learned that the country only replaced 34% of production with new reserve bookings in the first half of this year. Ay, Chihuahua, indeed.
Fortunately, state monopoly Pemex is showing signs of life in a brutal market that's causing even giants like Petrobras
To advance the former effort, Pemex recently tendered for four shallow-water rigs to work at and around Cantarell. This is the standard process by which contractors are invited to bid on new drilling contracts. While one tender found no traction, the other three have been taken up by some of the industry's best.
Considering the tempestuous market environment, these driller deals are rather dreamy.
These contract signings, however, don't prove that 2009 will be smooth sailing for folks like Noble, Atwood Oceanics