Eduardo López
Chairman and CEO
SERTECPET
/
View from the Top

Technology, Expertise Revitalizing Mature Fields

Fri, 01/17/2020 - 17:53

Q: How has the Mexican oil and gas industry benefited from the solutions you provide?

A: The benefits resulting from our work are evident at the 18 wells under our responsibility. We increased production for wells that did not have any production to 10.5Mb/d. The average lifting cost with other providers was between US$18 and US$20, which we decreased to an average between US$4 and US$6. The historical production of some wells was estimated at 200b/d. The installation of our system, software evaluation and implementation of our expertise resulted in a 400-500b/d yield, duplicating production in every well. Since PEMEX has many wells with low production caused by a decrease in pressure, our technology could add value to their company by aggressively increasing production while reducing costs. Aside from paying taxes, we have also generated value in Mexico by locally hiring over 200 engineers and factories to manufacture our equipment. During the duration of our contract, we generated US$500 million for PEMEX with an investment of only US$67 million.

Q: How have environmental regulations changed your operational strategy?

A: Articulated and responsible practices extend beyond the technological and economic aspects. Working with PEMEX requires the submission of a file with an annex related to all the environmental and social responsibility implications of any project. We have received the highest scores from PEMEX in this area due to the way in which we handled this annex. SERTECPET has the most complete Integrated Quality System in the world. We are very careful with the safety and occupational health of our workers.

Q: What unique challenges have you encountered in Mexico?

A: Mexico is a market with a great deal of experience and technical talent in the oil and gas industry. Our incursion into the Mexican market was rather slow because we needed to demonstrate that our US-patented technology could make a difference. Once we achieved this, we were happy to learn that Mexico was not only open to new technology and good practices but was also looking for strategic partnerships with companies of good reputation. The Mexican market has high standards regarding the type of technology that qualifies for its operations. We are waiting for the new administration to define where the oil and gas sector is headed and where efforts need to be focused. Mexico has a lot of opportunity and untampered potential in fields, reserves and markets.

Q: How has the change of administration changed your approach to the market?

A: We would like to meet the authorities to make a service proposal. Aside from our offer in equipment, we possess the knowledge on mature field management to maximize production. SERTECPET has applied similar techniques to Ecuadorian fields, where we increased production from 8Mb/d to 20Mb/d. The use of geophysical studies allowed us to use water in the field as a resource for liquid injection for sweeping. This success case will help us if PEMEX decides to allow smaller service companies, like ours, to participate in the development of similar management models.

Q: If bidding rounds are restored, what alliances would SERTECPET like to create and what would be its main goals?

A: It is likely that the market will demand new investment in the future. This would lead us to seek local and international partners to strengthen our proposal. Once we demonstrate we are capable of boosting well production and operating mature fields in Mexico, we would certainly need to integrate local and foreign partners with the technology, know-how and capital for investment.

Q: What are your business expansion plans in the country?

A: We want to get engaged in field testing and production in clean energy, solar and wind power being our main focus. To do so we have a corporation in Madrid that is looking for partners. That is the future we see in Mexico.

 

SERTECPET is the first Ecuadorian company to offer integral energy solutions on a global scale. It conducts international research activities to  propel  scientific and technological developments in the industry.