Texas-based Lewis Energy has signed a deal with Mexican state oil company Pemex for the exploration and extraction of a shale gas deposit in northern Mexico’s Eagle Ford formation.
The deal focuses on the Olmos field in the northern border sate of Coahuila. Pemex said it expected the contract to yield investment of $61 7 million and could reach daily production of nearly 117 million cubic feet of gas by 2021.
Lewis Energy has already drilled for Pemex in the Olmos field. It was earlier this month that Mexico announced an auction planned for September for development rights to shale blocks. It is the first time Mexico has offered private oil companies the chance to develop the resource.