Two private equity firms, EnCap Investments LP and Riverstone Holdings LLC, along with México’s Infraestructura Institucional, have teamed up to form what is being called México’s first independent oil company.
EnCap Investments and Riverstone Holdings each invested $225 million into the new company named Sierra Oil & Gas S de RL de CV., while Infraestructura Institucional invested $75 million.
Jim Hackett, a partner in Riverstone Holdings, said “We have been very impressed with the progress of the energy reform and look forward to contributing to the growth of a vibrant private energy sector in the country, as we have done in the U.S., Canada and elsewhere.”
Sierra Oil & Gas plans to participate in exploration, development and production optimization opportunities in México. Additionally, Sierra may consider opportunities in oil and gas transportation, storage and processing.
(from Houston Business Journal)
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