HOUSTON, TX / ACCESSWIRE / December 24, 2019 / Lifting Oil and Gas Corp., an affiliate of Grupo Cotemar Mexico, announced that it entered into a strategic partnership with Arb Energy, a Houston-based exploration and production company, for the development of a conventional gas complex in the state of Utah, in the United States, which produces approximately 500 barrels of oil equivalent per day (BOED) on more than 11 thousand hectares of land.
For its part, Arb Energy is looking forward to partnering with a team that has extensive experience working in complex environments, since according to Lifting, this field has numerous potential production areas that extend beyond Dakota and Morrison, which are currently in production. Based on their assessment, both the deepest and the Mancos (known as the shallowest) entrance have exploration capabilities. Additionally, this strategic partnership was carried out with the flexibility to increase or decrease the capital investments that could result in Lifting taking control of the field.
For Lifting, this strategic partnership also represents an opportunity to continue gaining experience in the exploration and production of natural gas for later application in Mexico and thus, contribute to defraying the demand for gas in our country. Both Lifting and Arb Energy believe that the Mexican government is highly committed to strengthening the Mexican energy sector.
According to the terms of the strategic partnership, while Arb Energy will incorporate the most advanced technology to explore an ‘old conventional gas field’, Lifting will contribute by operating the field, along with Arb Energy. Both companies believe that this field will serve as a case study for future projects, which will incorporate the joint work of the most talented intellectual capital of the United States and Mexico.
Moreover, this alliance will allow Lifting to have access to a work team with experience in capital markets, operations, and even regulators such as David Porter, former RRC president for the state of Texas.
Since Lifting is part of Grupo Cotemar, it is fully committed to the strengthening and development of the Mexican oil industry and ensuring the well-being of Mexico and the communities where it operates.
Contact: Israel Ramón Estrada Vidal – 9383811400
SOURCE: Grupo Cotemar
View source version on accesswire.com: