Grupo Cotemar Mexico affiliate Lifting Oil and Gas Corp. has teamed up with Houston-based Arb Energy to develop a conventional natural gas complex in Utah, according to a news release.
As part of the partnership, Lifting will operate the field along with Arb, which plans to use advanced technology for exploration at the field.
The Utah gas field currently produces about 500 barrels of oil equivalent per day, the release stated.
“As the only 100% Mexican hydrocarbon exploration and production company on land, this strategic partnership will allow us to continue with our development and investment plans and expand our portfolio towards the exploration and production of natural gas, a field that continues to provide many opportunities in Mexico,” Lifting CEO Alejandro Villarreal said in the release. “Based on our projection, this field has the ability to increase production to 4,000 barrels per day, a goal that we will reach very soon.”
The companies said they believe the field will serve as a case study for future projects.
Check out the latest oil and gas drilling activity highlights from around the world featured in the August issue of E&P including Equinor’s discovery of a potentially large oil reservoir offshore Canada’s Flemish Pass plus an Alaska wildcat on the North Slope reported by 88 Energy.
Estimated volumes at the Dugong discovery are 40 to 120 million barrels of oil equivalent (MMboe), the company said.
Oil production dropped by 1.99 million barrels per day, or 16.6%, in May compared to April, EIA data show.