NTEC continues to transition its portfolio with acquisition of helium company
FARMINGTON, N.M. – As part of their commitment to investing in assets that create balanced profit and long-term value, Navajo Transitional Energy Company (NTEC) has acquired Tacitus LLC, a helium development company, and its related subsidiaries.
“Helium is a vital resource to the world and has been identified as a key strategic asset for the United States. The Navajo Nation possesses some of the largest and cleanest known helium reserves in the world. Tacitus was an early advocate for the development of helium on the Navajo Nation and we are excited to expand our operations on the Navajo Nation by acquiring Tacitus and its existing helium operations and leases,” said NTEC CEO Clark Moseley.
The acquisition consists of helium wells and infrastructure in the Tocito Dome Field on the Navajo Nation as well as Federal and State leases for additional exploration in Utah. The Tocito Dome Field is proven and producing with existing offtake contracts in place.
“This clean helium production has tremendous market opportunities and is already generating steady revenue for the Navajo Nation. We look forward to continuing to grow and develop this vital source of helium. Acquisition of this proven resource makes sense for NTEC’s portfolio. Technological advances have resulted in a greater demand for helium in everything from space exploration to internet cable. That, coupled with changes in internal markets, have made helium a very valuable product now and into the future,” said Moseley.
In 2018, the United States Geological Survey designated helium as a critical mineral. Helium recovery is a low impact industry that produces an inert gas. The helium produced in the Tocito Dome Field is 7 percent helium, which reduces processing and makes it one of the cleanest deposits in the world.
Moseley continued, “Since NTEC’s inception, it has been our goal to utilize the profitability of our core assets—the mines—to promote the development of the Navajo Nation’s resources and forward-looking opportunities for the economic, financial and cultural well-being of the Navajo People. Acquiring this proven clean helium asset to provide a product in high demand will provide long-term benefits and value to the Nation.”