Gulf Energy Corporation, a UAE-based privately-held energy company, has signed an agreement to purchase a share in the deep gas development well in the US state of New Mexico to be drilled in 2017, Trade Arabia reported. The field has proven reserves of helium gas in commercial quantities. Global demand for helium gas has increased since 2013, making it an attractive investment opportunity, as the latest crude helium bids ranged between $100 to $106 per mcf, according to the company.

The development is to follow the completion of the geophysical surveys and the drilling of the first well. The deal is valid until March 2017, while the purchase and sale value of the agreement is to be determined based on the first drilling test results in the second half of 2016, Pipeline Oil and Gas Magazine added.