Schlumberger CEO: Energy reform would be positive

Friday, April 18, 2008

Approval of the Mexican government's energy reform bill would be a "very nice" change and probably a positive step for everyone, according to Andrew Gould, CEO of US oilfield services provider Schlumberger (NYSE: SLB).

"[The reform] will allow us to be incentivized on the basis of the performance of technology, which is something very difficult to achieve under the current contractual regime," Gould said in a webcast.

The bill, which President Felipe Calderón presented to the senate this month, would allow Pemex to provide performance-based incentives to private contractors.

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Calderón's proposal seeks to grant state oil company Pemex greater fiscal and operational autonomy, allowing private sector participation in downstream, strengthening energy regulator CRE, setting up a national oil commission and modifying the federal public administration law.