Nov 22 (Reuters) - New Fortress Energy said on
Tuesday it had finalized agreements with Mexican state oil
company Pemex for the development of a liquefied natural gas
(LNG) project associated with the country's Lakach offshore gas
Last month, Mexico's oil regulator approved a plan for
developing the once-abandoned natural gas project that is
believed to hold up to 937 billion cubic feet of gas reserves.
Cost pressures had put the project on hold for six years.
New Fortress will develop and operate an integrated upstream
project and a natural gas liquefaction plant off the coast of
Veracruz in Southeastern Mexico.
It will complete seven offshore wells over a two-year
period, the company said without divulging any financial details
of the deal.
Mexico expects gas production at Lakach to begin in the
first quarter of 2024.
New fortress and Pemex believe the Lakach field will yield
about 10 years of production.
(Reporting by Mrinalika Roy in Bengaluru; Editing by Anil
D'Silva and Shinjini Ganguli)