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Paret Mining LLC acquires 10,000-acre strategic oil reserve

Paret Mining LLC, headed by Emmanuel Fritz Paret, strengthens its position in the US energy sector with the acquisition of a 10,000-acre reserve in Kentucky, comprising oil and natural gas wells.

energynews
Le 27 August 2024

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Paret Mining LLC, headed by industrialist Emmanuel Fritz Paret, takes a significant step forward in the energy sector by acquiring a major oil reserve in Bowling Green, Kentucky.
The operation encompasses 10,000 acres and includes 150 wells, capable of producing up to 140 million barrels of oil.
This strategic acquisition consolidates the company’s presence in the US energy market.

A strategic investment

The acquisition also includes a 100-mile pipeline, essential for supplying natural gas to local industries, notably aluminum production.
This transmission network guarantees a continuous and stable supply, essential to support Kentucky‘s industrial activities.
Paret Mining LLC plans to continue exploiting existing resources while increasing natural gas extraction capacity.
The company also plans to diversify its operations by developing limestone and calcium aggregate extraction, targeting initial production of 85,000 metric tons per month.
These resources will support various industries, mainly construction, strengthening the company’s contribution to the local economy.
The exploration of new drilling sites is also central to Paret Mining LLC’s strategy, with over 300 locations identified for future drilling.
These new wells will target geological formations at depths of 3,000 feet, potentially rich in untapped oil.
According to U.S. Geological Survey estimates, these zones could contain more than a billion barrels, offering considerable growth potential for the company.
With this acquisition, Paret Mining LLC continues to position itself as a key player in the US energy sector, diversifying its activities while maximizing the use of local resources.

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