PEMEX signs a service contract with New Fortress Energy to resume work in the Lakach field
Wednesday 23 November 2022
Petróleos Mexicanos (PEMEX) signed a contract with the US company New Fortress Energy (NFE) to resume gas extraction work in the deepwater non-associated gas field in the Gulf of Mexico called Lakach, located 90 kilometers from the Port of Veracruz.
This project had been suspended for six years, with an initial investment by PEMEX of 1.4 billion dollars. The NFE company agrees to complement this investment with an additional 1.5 billion dollars. In this operation, PEMEX maintains ownership of the deposit and at the end of the contract it will own the entire infrastructure.
This agreement will allow the production of this hydrocarbon to begin in the first quarter of 2024. Lakach represents a reserve of around 900 billion cubic feet, which means an average production of 300 million cubic feet per day over a 10-year horizon.
In this same act, a commercialization contract was signed through which PEMEX will sell 190 million cubic feet per day to the company NFE and the remaining 110 million cubic feet per day will enter Mexican territory for national consumption. This act represents not only the rescue of an investment that was sunk for PEMEX, but also that it becomes a business that will bring economic benefits to the country.
It should be noted that on the periphery of the Lakach Field there are other deposits with a reserve three times greater and that could make synergy with the Lakach Field, which is why the evaluation will begin for its more efficient development.