Connecting to LinkedIn...

W1siziisijiwmtuvmdqvmtuvmdgvntqvmzgvnzi1l01ptlrbu0hfqkxpr19vtljftkrfukvex0lnqudfx3jlc2l6zwrfyw5kx3jlbmrlcmvklmpwzyjdlfsiccisinrodw1iiiwimtkymhgxmjuwiyjdxq

Blog

MX Oil sets up Mexican group ahead of licensing round

24/09/2014 by

W1siziisijiwmtqvmtavmjgvmtuvmtivndqvntcyl2zpbguixsxbinailcj0ahvtyiisijywmhg0mdbcdtawm2uixv0

MX Oil  has confirmed the formation of a new joint venture company in Mexico that will participate in the country’s first licensing round.
Mexico is in the process of opening up its oil industry to private companies, ending an 80 year state monopoly.

AIM quoted MX has been set up to become among the early movers in this new market, alongside a Mexican partner, Geo Estratos.
The new joint venture company, called Geo Estratos MXOil Exploracion y Produccion (Sociedad Anonima Promotora de Inversion de Capital Variable), will be 51% owned by MX Oil and 49% owned by Geo Estratos.

“With the JV Company now established, MX Oil is well placed to develop oil and gas assets in Mexico with company-making potential,” said chief executive Stefan Olivier.

He added: "We regard the incorporation of the Mexican entity to participate in the upcoming rounds as an endorsement of MX Oil's credibility as an early mover in the country's vast reopening energy sector.

“In our view this is testament to the quality of both the team we have put in place at MX Oil as well as that of our partner Geo, a leading local oil services company with a proven track record in the Mexican energy sector. 

MX Oil is to put US$1mln into the new company to fund its share of initial investment costs.
The new company has a general permit to operate in Mexico which will allow it to participate in the licensing round which is scheduled to get underway in November.

This article has been extracted from http://www.proactiveinvestors.co.uk/, please click on this link to read the article in full http://www.proactiveinvestors.co.uk/companies/news/72563/mx-oil-sets-up-mexican-group-ahead-of-licensing-round-72563.html

Montash is a multi-award winning, global technology recruitment firm. Specialising in permanent and contract positions across mid-senior appointments which cover a wide range of industry sectors and IT functions, including:

ERP, BI & Data, Information Security, IT Architecture & Strategy, Energy Technologies, Demand IT and Business Engagement, Digital and E-commerce, Infrastructure and Service Delivery, Project and Programme Delivery.

With offices based in London, Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid-management in permanent and contract roles.

comments powered by Disqus

Social Stream

Latest News

W1siziisijiwmtyvmtivmdyvmdkvmjcvmtavnze4l2nsb3vkihrly2hub2xvz3kgc2vydmljzxmuanbnil0swyjwiiwidgh1bwiilcizodb4mtawiyjdxq

AI continues to infiltrate cloud computing se...

2016-12-06 09:00:00 +0000

With Google and Microsoft both already working on artificial intelligence (AI) software for their cloud services, it has been revealed that Amazon is now to join the battle. The internet giant is to prioritise developing AI for Amazon Web Services (AWS), the division that sells data storage and computing to IT professionals around the world. AWS is currently the fastest-growing division for Amazon, with the past year having seen sales soar by 60 per cen...

W1siziisijiwmtyvmtivmduvmtqvmdavmjivmzm1l0jpzybeyxrhlmpwzyjdlfsiccisinrodw1iiiwimzgwedewmcmixv0

Big data analytics – governed data discovery ...

2016-12-05 13:00:00 +0000

Big data analytics has matured as a business process during 2016 with most enterprises now recognising the critical importance of actively mining big data for insights. These insights will inform decision-making and ensure they remain competitive in an increasingly complex landscape that is constantly in flux. One prediction that will certainly come to fruition in the coming years is “more data”. The world’s storage systems are set to hold more than 17....