Mexico’s state energy company, Pemex, is in talks with Mexican business investor Carlos Slim’s companies regarding the revival of the country’s first deep-water natural gas field, the Lakach field, which has been shelved twice previously, reported Reuters.

Two sources with direct knowledge of the matter disclosed that companies controlled by Slim met with Pemex to discuss the project’s future.

Located 90km from the Gulf port of Veracruz, the Lakach field is estimated to hold 900bcf of gas.

Pemex has declared it a top priority to secure a new partner for the field’s development after the previous one withdrew at the end of last year.

The Mexican company is looking to develop the offshore field through a service contract model, where partners finance projects upfront.

However, details remain unclear if Pemex and Slim’s companies will proceed with the project or if other parties will be involved.

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Pemex has also reached out to other potential partners.

Sources indicated that Pemex and Slim’s team would likely require another company with deep-water expertise to proceed.

The latest move follows the termination of a previous agreement between Pemex and US company New Fortress Energy to develop the Lakach field, as the parties could not agree on terms including pricing.

Pemex has already invested $1.4bn in the Lakach field, with plans to produce gas, but they were put on hold in 2016 due to high costs.

Additionally, the oil regulator and Pemex have had disagreements over the field’s development strategy, and there is uncertainty over the actual volume of gas reserves.