PEMEX E&P AND BP ANNOUNCE AGREEMENT TO SHARE TECHNOLOGY

PEMEX E&P AND BP ANNOUNCE AGREEMENT TO SHARE TECHNOLOGY, EXPERTISE FOR DEEPWATER WELL CAP

HOUSTON -- Petroleos Mexicanos Exploration and Production (PEMEX E&P) and BP today announced an agreement for BP to share the technical information it used to build its global deepwater well-capping equipment.

Under the Technology License Agreement, BP will make available technical information that PEMEX E&P, one of four subsidiaries of PEMEX, can use, in addition to PEMEX E&P initiatives already in place, if it decides to build and maintain its own well capping system for use in Mexican waters of the Gulf of Mexico.

BP’s global deepwater well cap is a 100-ton stack of valves that can be lowered onto a leaking well to halt the flow. The system can operate in 10,000 feet of water and is rated to pressures of 15,000 pounds per square inch. Stored in Houston, it can be sent by heavy-lift aircraft to any country where BP operates in a matter of days.

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