The enormous potential for shale oil and shale gas in Mexico will attract significant private investment, in spite of elevated costs compared to other areas for exploration and production, said Carlos Garcia, International Business Development Manager for Lewis Energy.
Lewis Energy is one of the largest producers in the Eagle Ford formation located in the south of Texas and maintains its company headquarters in San Antonio, Texas.
According to the conversation that took place during a seminar organized by the Institute of the Americas at the University of California San Diego, shale gas in Mexico has the largest unexplored potential in the entire world.
“There is not another market outside of Mexico that offers comparable opportunities at this time,” said Garcia during the seminar.
The drilling and exploration process “fracking” used in Eagle Ford and the rest of the world is a technique that breaks underground shale rock to extract the unconventional hydrocarbons. This technique has essentially lead to the oil and gas boom of the United States in recent years and many believe is the key to oil independance.
Lewis Energy operates 400 wells and has been operating in Mexico for 10 years under a service contract agreement with Petroleos Mexicanos (PEMEX).
Pemex will invest U$800 million in unconventional drilling of shale gas in Mexico this year. The Mexican states that will receive the majority of this investment are Chihuahua, Nuevo Leon, Coahuila and Tamaulipas.
by Redacción Gas Shale México