Bassoe: Mexican companies scramble to find jack-up rigs amid overwhelming offshore drilling demand

Suddenly there’s a lot going on in the Mexican offshore rig market. So much that it’s confusing. Here’s your guide to what’s happening.

It seems like yesterday that Pemex was renegotiating jack-up rig contracts and putting rigs on standby as drilling demand in Mexico plummeted. Oil production dropped from around 2.5 million barrels per day in 2013 to around 1.7 million bpd currently.

If anyone cared about this, they did nothing about it.

But things have changed dramatically over the last few months.

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