Fox News reports that Mexico plans to evaluate its non-conventional oil and gas potential, committing to invest more than $242 million in the project. State of the art technology will reportedly be used to assess the nation’s prospective resources, according to Mexico’s Energy Secretariat.
“The project will enable Mexico, one of the world’s largest crude producers, to ‘organize areas with potential resources into a hierarchy and determine if these are oil or gas formations,’” Fox reports. “It will also involve a ‘very significant economic outlay,’ which will lead to the creation of jobs and capabilities at the national level.”
The Mexican Petroleum Institute and state oil monopoly Petroleos Mexicanos, or PEMEX, will work together to carry out the project. The secretariat also told Fox News that this move marks an “unprecedented push for research’ in Mexico’s energy sector. The project will work to lay the foundation for the sustainable future development of Mexico’s impressive supply of shale gas and shale oil.
“Mexico is sitting on very large natural gas fields that could allow it to end gas imports and could give it energy independence,” Paris-based International Energy Agency Executive Director Maria van der Hoeven stated.
In fact,Mexico is reportedly estimated to have the world’s fourth-largest shale gas reserves, holding more than 680 trillion cubic feet of the fuel.
During the project,PEMEX will also look for ways to boost energy production through the exploration of deepwater sections of the Gulf of Mexico. In recent months, there have been significant discoveries in this area, which holds extensive oil fields.
According to the report, the project will also include working toward the conceptual design of both drilling and terminating wells. The goal is to discover ways to utilize these valuable resources while causing the least possible impact to the surrounding environment and to society as a whole. Finally, the project will work to develop ways to train specialized workers for this growing field, while achieving the maximum amount of profitability.