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EX-IM BANK BACKS U.S. EXPORTS TO MEXICO'S PEMEX FOR NEW PIDIREGAS OIL AND GAS FIELD DEVELOPMENT PROJECTS

167 U.S. Companies, Many From Texas, To Participate In Export Sale

FOR IMMEDIATE RELEASE September 29, 2004

Media Contact Name/Phone: 

Marianna Ohe (202) 565-3200

WASHINGTON, D.C.- The Export-Import Bank of the United States (Ex-Im Bank) today approved a $400 million long-term loan guarantee to support the sale of equipment and services by Nabors Industries Inc., Houston, Tex., and 166 other U.S. suppliers to Petroleos Mexicanos (PEMEX) for the New Pidiregas Projects (NPP).

NPP is made up of 23 natural gas and crude oil exploration and production sites located offshore in the Bay of Campeche off the northern coast of the Yucatan, and onshore in northern Varacruz and northwestern Tabasco. The goal of the projects is to increase Mexico's production capacity to 4 million barrels of oil and 7 billion cubic feet of gas per day by 2006.

This transaction will benefit an enormous number of U.S. exporters and their workers, while supporting Mexico's most important source of economic growth, said Ex-Im Bank Chairman Philip Merrill.

Nabors Industries will provide approximately 26% of the total exports related to this transaction. Equipment and services provided by Nabors Industries together with 14 other U.S. suppliers will constitute 85% of the contract amount. The companies are: Baker Hughes Oilfield Operations, Claremore, Okla.; BJ Services Co., Houston, Tex.; Halliburton Energy Services, Houston, Tex.; Hasue & Associates, Tyler, Tex.; Noble Drilling Corp., Sugar Land, Tex.; Noble Drilling Services Inc., Sugar Land, Tex.; Weatherford Inc., Houston, Tex.; Schlumberger Technology Corp., Sugar Land, Tex.; Solar Turbines Inc., San Diego, Cal.; Pride Offshore, Inc., Houma, La.; Varco International, Inc., Houston, Tex.; Landmark Graphics Corp. Inc.; Consorcio Drillmar, Houston, Tex.; and G & W Systems Consulting Corp., Houston, Tex.

PEMEX, Mexico's government-owned oil and gas company, is the second largest petroleum producer in the world after Saudi Arabia. PEMEX provides approximately one third of Mexico's federal budgetary revenues. The company also is a long-time Ex-Im Bank customer. The guaranteed lender on the Ex-Im Bank transaction is BNP-Paribas, New York, N.Y.

Ex-Im Bank this year marks its 71st year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2003, Ex-Im Bank, an independent federal agency, authorized financing to support $14.3 billion of U.S. exports worldwide. For more information on Ex-Im Bank visit //www.exim.gov.