State-owned company Petróleos Mexicanos (Pemex) has signed a contract with US-based Lewis Energy to explore and extract shale gas from the Olmos field in the Mexican state of Coahuila.
The parties also intend to assess and develop the Eagle Ford formation in Mexico.
The deal will see an investment of $617m, targeting daily production of 117 million cubic feet of natural gas (BTU) by 2021. The Olmos field comprises an estimate of 800 billion BTU.
In a statement, Pemex said: “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 maximise the value of its hydrocarbon production.”
Lewis Energy operates unconventional fields in the south of Texas, US, and has drilled in excess of 500 wells in Eagle Ford to produce natural gas.
The company has provided services for the Olmos field under a public works contract for the past 14 years.
This latest contract is expected to enable Pemex to increase profitability in line with its business plan for the 2017-2021 period.
Earlier this month, Pemex and a consortium involving Tecpetrol and Grupo R signed a contract to explore and extract hydrocarbons from the Misión block, which is located in the states of Tamaulipas and Nuevo León.