The FINANCIAL — Petróleos Mexicanos and Lewis Energy México signed the first Integrated Exploration and Extraction Contract for the Olmos field, which is located in the state of Coahuila. The purpose is to assess and develop the Eagle Ford field in Mexico.
By formalizing this contract, an investment of 617 million dollars is expected, and the companies aim to reach a daily production of 117 million cubic feet of natural gas by 2021.
Pemex is actively using the tools and flexibility the Energy Reform has granted the company, to share financial and operating risks with third parties and increase the strategic investments that will maximize the value of its hydrocarbon production.
Lewis Energy is a private operator of unconventional fields in the south of Texas. They have drilled over 500 wells in Eagle Ford, focusing on natural gas production. In 2017, the company produced more natural gas than any other operator in the region and established itself as the third largest producer in the state of Texas, according to Pemex.
For the past 14 years, this company has executed a public works contract in the Olmos field, which contains an estimate of 800 billion cubic feet of natural gas.
These actions contribute actively to the increasing profitability of the State-owned productive company, in accordance with the guidelines established in its Business Plan for 2017 – 2021.