MEXICO CITY, Nov 21 (Reuters) - Mexican state oil
company Pemex expects a key offshore natural gas field located
in the deepwater Gulf of Mexico will add significant output
after inking a service contract on Monday, part of a push to
grow local output while reducing imports.
Pemex announced in a statement that the deepwater Lakach
field will pump 300 million cubic feet (MMCF) of gas per day
over a 10-year horizon, after the state-run firm signed a
service contract with U.S. liquefied natural gas company New
Last month, Mexico's oil regulator approved a plan for
developing the once-abandoned natural gas project.
Lakach is believed to hold up to 937 billion cubic feet of
gas reserves, but cost pressures put development on hold for six
President Andres Manuel Lopez Obrador has sought to
prioritize energy self-sufficiency during his term, even as
Mexico for decades has met most of its gasoline and natural gas
demand through imported supplies, mostly from U.S. producers.
Gas production at Lakach is expected to begin in the first
quarter of 2024, following initial investments of $1.4 billion
by Pemex and $1.5 million by New Fortress Energy.
The two companies signed a separate contract also on Monday
agreeing that Pemex will sell 190 MMCF daily to New Fortress
with the remaining 110 MMCF per day reserved for domestic
Mexico's oil regulator approved the nearly $1.8 billion
Lakach plan last month, up from $1.5 billion initially
Partnering with oilfield service providers allows Pemex
to retain full control, but does not permit sharing of risks or
Pemex added it will study gas fields on the periphery of
Lakach for possible synergies.
Agustin Diaz Lastra, the former Pemex official who was
recently tapped to lead the regulator, expressed optimism for
the project's development last month.
(Reporting by Brendan O'Boyle; Editing by David Alire Garcia
and David Gregorio)