Award for Stabil tools in Camisea

Stabil Drill was awarded a contract to supply downhole drilling tools for the Camisea natural gas project, a $2.7 billion operation, for Pluspetrol. The tools will be transported on special racks by helicopter to the job site. Six wells will be drilled over a two-year period in the Amazon jungle of Peru, 500 km east of Lima.
The project involves flow lines, a gas plant, and two pipelines to the coast. It contains an estimated 11 tcf of gas and 600 MMbbl of condensate. Negotiations are currently underway for Stabil Drill to establish a Global Hardfacing Unit (GHU)-a self-contained portable drilling and fishing tool repair facility-at the rig site. The facility will be staffed by Peruvian labor and trained by a Stabil's team. Start up for the facility is set for 3Q 2002.