Pemex has won approval to invest an additional USD 400 million in Mexico’s first deepwater project, the Lakach field, Reuters reported on Thursday.
Approval for the increase to Pemex’s budget, which now stands at around USD 2.2 billion, was given by hydrocarbons regulator CNH.
The Lakach deepwater non-associated gasfield is located 90 kilometres from Port of Veracruz and holds reserves of around 900 bcf (25.5 bcm).
In July, Mexico’s Grupo Carso signed an exploration and extraction services contract with Pemex to develop the field, investing more than USD 1.2 billion as “service provider.”
The deal followed news in November that Pemex and US gas player New Fortress Energy had terminated a deal to co-develop the project following disagreements in conditions and the set price for sale of gas.