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Exclusive: Mexico's Pemex, New Fortress Energy scrap deepwater gas project -sources

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Mexican state energy company Pemex and U.S. liquefied natural gas (LNG) company New Fortress Energy (NFE.O) have terminated a deal to develop potentially the country's first deepwater natural gas project that was signed a year ago, two sources with direct knowledge of the matter said.

The logo of Petroleos Mexicanos is pictured at the company's headquarters in Mexico City, Mexico July 26, 2023. REUTERS/Raquel Cunha/File Photo

The Lakach field, some 90 kilometers from the Gulf port of Veracruz, holds an estimated 900 billion cubic feet of natural gas, but rising costs and disagreements over how to develop it have impeded the venture. Pemex had planned to sell 190 million cubic feet per day of gas to NFE and supply another 110 mcfd to the domestic market. Production was supposed to start in the first quarter of 2024.

 

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