MADRID Ė Spanish infrastructure company Grupo ACS said on Sunday that it planned to invest 430 million euros (about $500 million) via its Cobra unit in three gas fields in Mexico.
The blocks, located in the Burgos basin, are expected to produce more than 350 billion cubic feet of natural gas and 1 million barrels of condensates worth more than 860 million euros (about $1 billion), ACS said in a statement.
The Spanish company won the rights to the blocks in the latest auction held by the National Hydrocarbons Commission (CNH), an agency under the Mexican Energy Secretariat.
The three new fields will join three fields currently being operated by Iberoamericana de Hidrocarburos (IHSA), Cobraís Mexican partner.
IHSA is producing gas at the fields for Mexican state-owned oil giant PEMEX and also won the rights to three fields in Colombia in late 2016.
ACS Industrial is expected to reach a production level of 40,000 barrels of oil equivalent (boe) per day in the next two years.
ACS Industrial is involved in conventional and renewable power generation, electricity transmission, the oil and gas industry, and the construction of industrial plants for multinational corporations, among other projects.