Pemex, Mexico’s state energy company, has teamed up with Grupo Carso to revive the Lakach natural gas project, according to Reuters. The project, located in the Gulf of Mexico southeast of Veracruz and northwest of Coatzacoalcos, has previously been shelved twice.
Grupo Carso will invest over $1.2 billion to develop the project and will also serve as the service provider. Pemex will retain ownership of the Lakach field and its reserves, while Grupo Carso will construct an onshore facility equipped to process gas and condensates for sale. Production is expected to commence in approximately two and a half years.
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The collaboration involves Grupo Carso partnering with a local unit of Spain’s Fomento de Construcciones y Contratas and Talos Energy. The project, discovered in 2007, holds an estimated 900 billion cubic feet of natural gas.
This partnership follows the exit of New Fortress Energy from the project in 2023 due to disagreements over terms, prompting Pemex to seek a new development partner.