Mexico’s Jaguar announces natural gas finds
Mexico-focused upstream firm Jaguar said March 22 it could become a significant player in the country's gas industry through new discoveries and their eventual commercialisation.
After investing $7mn, the company said it had made two, small-sized discoveries. It found up to 50mn ft3 of gas at the Dieciocho de Marzo field in the Burgos basin. A separate discovery at the Spinini field led the company to believe there are 160mn ft3 of potential gas reserves there.
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Garza Sada, the CEO of Grupo Topaz, the conglomerate that owns Jaguar, said in a statement that the new finds prove the company has the technical and operational capacity to move forward as a major player in Mexico’s energy sector.
"We could reach 10% of the country's gas production in five to seven years," he said.
Within the next three years, the company said it plans to invest $30mn on further exploration and production and about $7mn on gas pipeline infrastructure that could help commercialise its reserves.
Jaguar could help with Mexico’s efforts to lessen its dependence on US gas through a push toward self-reliance, the company said.
Jaguar was one of the first to emerge as a private entity after the Mexican government opened the sector up by breaking the monopoly of state-owned Petroleos Mexicanos. It took on nearly a dozen blocks in mostly gas basins that were previously held by Pemex.