Petrofac wins Mexico contract

Mexico's state oil monopoly Pemex yesterday awarded four contracts to drill mature oil fields in the second round of bidding to open up the country's nationalised oil industry to more private investment. The Panuco area in Veracruz went to a joint bid from Schlumberger and drilling firm Petrofac. Petrofac said the contract, which runs for 30 years, should be signed by August this year and operations could begin in 2013. The companies committed $17.5m in investment at the Panuco fields for the first two years, Petrofac said.