Pemex to Lease Eight Offshore Rigs for About $1.2 Billion to Boost Output

Petroleos Mexicanos, Latin America’s largest oil producer, said it will rent eight offshore drilling rigs for more than $1.2 billion.

The state-owned company will publish a bidding schedule in July and plans to begin operating the rigs at the end of this year and 2012’s first quarter, it said today in a statement. The company will seek seven platforms that can operate at a depth of 105 meters (344 feet) and one at 90 meters.

Pemex, based in Mexico City, plans to spend $23 billion this year to boost oil production. Output dropped to 2.576 million barrels a day in 2010, the lowest daily average since 1990, and has slipped for six straight years.

Pemex also plans to buy five land-drilling rigs for about $200 million, it said.

To contact the reporter on this story: Crayton Harrison in Mexico City at

To contact the editor responsible for this story: Dale Crofts at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.