19th Dec 2005 07:01
Wood Group (John) PLC19 December 2005 Wood Group ESP Argentina Awarded Six-Year Supply and Maintenance Contract from PanAmerican Energy LLC Wood Group ESP Argentina ("WGESP Argentina"), a subsidiary of John Wood GroupPLC ("Wood Group") has been awarded a six-year contract from PanAmerican EnergyLLC for the supply and installation of electric submersible pumping (ESP)systems. The contract is valued at approximately US$120 million. The contract covers three oilfields in the San Jorge Basin south of BuenosAires, including the Cerro Dragon field, Argentina's most productive oilfield.In addition to the ESP systems, WGESP Argentina will supply field services,electrical maintenance services, testing and repair of equipment, operationaldata collection, data base maintenance, and application engineering support forthe 500 units currently installed. WGESP Argentina was first awarded a contract with Bridas in this region 10 yearsago. That initial five-year contract more than doubled the life of the ESPunits in the Piedra Clavada oilfield, a field also included in the newestcontract. Bridas then joined with BP to form PanAmerican Energy, now thesecond largest oil and gas producer in Argentina, and offered WGESP a secondfive-year contract in 2000. The most recent contract supports PanAmerican's development of a significantsecondary recovery project in its mature fields. As water injections andcorresponding water volumes increase, WGESP Argentina's equipment and serviceswill be vital to the project. "The excellent performance of products and services delivered by Wood Group ESPArgentina in fulfilling the 2000 contract was a driving force behind PanAmericanEnergy's decision to select us for this current project," said Jorge Sanchez,general manager of WGESP Argentina. "The teamwork between the two companies andthe development of local suppliers shows the firm commitment that PanAmericanand Wood Group have with the local community." Wood Group is an international energy services company with $2.3bn sales,employing more than 14,000 people worldwide and operating in 36 countries. TheGroup has three businesses-Engineering & Production Facilities, Well Support,and Gas Turbine Services-providing a range of engineering, production support,maintenance management and industrial gas turbine overhaul and repair servicesto the oil & gas, and power generation industries worldwide. Wood Group ESP is a leading service provider and manufacturer of electricsubmersible and surface pumps. Focusing on SmartSolutions(R) for its clients,Wood Group ESP provides cost-effective solutions tailored to the needs of oilproducers throughout the world. With facilities in the Middle East, Far East,Latin America and Russia, as well as several in the United States and Canada,Wood Group ESP focuses on adding real value to customer assets with testing,service and surveillance coupled with cutting-edge engineering. For further information contact: Wood Group Carolyn Smith, Corporate Communications - Eastern Hemisphere Tel: +44 (0) 1224 851099 E-mail : [email protected] Bobbie Ireland, Corporate Communications - Western Hemisphere Tel: +1 281 828 3505 E-mail : [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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