Chimera Energy Corp. officials traveled to Mexico City Monday to continue their discussions with Pemex on the use of the U.S. company’s new nonhydraulic extraction system that aims to replace hydraulic fracturing (fracking).
The Houston-based company, the developer of the system, has entered into a contract allowing Pemex, the Mexican state-owned petroleum company, to use the new extraction technology, which Chimera said does not require water and is environmentally friendly and is less expensive than other extraction methods.
Pemex, which is the largest company in both Mexico and Latin America, will provide the first location for using the new system in the Western Hemisphere, Chimera Energy said. It noted that some of the largest concentrations of shale oil deposits in the world are located throughout Latin America.
Chimera Energy is expected to present the system at the North American Prospect Expo to be held in Houston, TX, February 2013. The company said it is in the process of reengineering the new method for mass production, relicensing and sales.
In late July, the company filed a form 8-K with the Securities and Exchange Commission detailing agreement documents for licensing the new non hydraulic extraction system.
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