Mexican state-owned petroleum company PEMEX has approved the use of Chimera Energy's new non-hydraulic shale oil extraction technology three Chicontepec formation wells.
Discussions were held in Mexico City with PEMEX officials, Chimera Energy Corp President Charles Grob, Weis' representative and other officials for use of Chimera Energy's technology throughout Latin America.
The new system is safe, economical and uses no water, according to the company, which concluded the initial deal last week.
This collaboration will seek to increase the use of revolutionary exothermic non-hydraulic extraction system to replace hydraulic fracturing (fracking and fracing).
The company said the new development of using the new process on Chicontepec formation wells is very significant.
The Chicontepec formation has certified hydrocarbon reserve, totaling more than 139 billion barrels of oil and is considered to be Mexico's largest.
Chimera Energy CEO/President Charles Grob stated that once the meetings in Mexico City have concluded, the company will announce several major business developments.
The company is in the process of re-engineering this new non-hydraulic oil extraction method for mass production, re-licensing and sales.
The advanced extraction system does not affect groundwater at all and is claimed to a cheaper and more effective extraction method.
US-based Chimera Energy acquires, develops, licenses and sells new energy technology and products.