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New Fortress finalizes deal to develop Lakach gas project in Mexico

(Reuters) - New Fortress Energy said it had finalized agreements with Mexican state oil company Pemex for the development of a LNG project associated with the country's Lakach offshore gas field.

Last month, Mexico's oil regulator approved a plan for developing the once-abandoned natural gas project that is believed to hold up to 937 billion cubic feet of gas reserves. Cost pressures had put the project on hold for six years.

New Fortress will develop and operate an integrated upstream project and a natural gas liquefaction plant off the coast of Veracruz in Southeastern Mexico.

It will complete seven offshore wells over a two-year period, the company said without divulging any financial details of the deal.

Mexico expects gas production at Lakach to begin in the first quarter of 2024.

New fortress and Pemex believe the Lakach field will yield about 10 years of production.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Anil D'Silva and Shinjini Ganguli)

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Modern society would not be possible without the use of pipelines to transport natural gas, crude oil and finished products to demand centers.

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