Mexico’s PEMEX confirms US millions-worth investment in gas field

Petroleos Mexicanos (PEMEX) confirmed that United States-based New Fortress Energy (NFE) would invest 1.5 billion dollars in gas extraction in an oil field in the Port of Veracruz.

On its website, PEMEX proposes to revive a gas extraction project named Lakach, a non-associated deepwater gas field of the Gulf of Mexico, 90 kilometers from the Port of Veracruz.

The Mexican oil company revealed that the project had been suspended for six years, with an initial investment of 1.4 billion dollars.

It added that NFE is committed to complementing this investment with an additional 1.5 billion dollars.

In this operation, PEMEX will maintain the property of the field and owns the infrastructure at the end of the contract.

According to PEMEX, gas production at Lakach is expected to begin in the first quarter of 2024.

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