Energy News Beat
New Fortress Energy (NASDAQ:NFE) and state energy company Pemex have terminated a deal to develop what could have been Mexico’s first deepwater natural gas project, Reuters reported Tuesday.
Source: Reuters
Pemex wants to continue with the development of the Lakach gas field in the Gulf of Mexico and is in talks with other companies, according to the report, which did not name the companies.
The Lakach field holds ~900B cf of natural gas, but rising costs and disagreements over how to develop it have hurt the venture, which already has cost more than $1B.
Last week, New Fortress (NFE) reportedly told the U.S. Department of Energy it had begun evaluating a fresh LNG onshore project in the Gulf state of Tamaulipas, and will soon begin operating a floating LNG export terminal off the Tamaulipas port of Altamira.
The post New Fortress Energy, Pemex scrap Mexican deepwater gas project appeared first on Energy News Beat.
