Sierra secures financing for Mexican E&P projects

Sierra CEO, Ivan SandreaMexico City-based Sierra Oil and Gas secured equity commitments of US$525 million on Friday to develop projects in Mexico’s recently opened energy sector.

Sierra, Mexico’s first independent exploration and production company, plans to participate in exploration, development and production optimization projects in Mexico. Sierra said it's also  considering hydrocarbon transportation, storage, and processing projects.

New York-based private equity firm Riverstone Holdings Ltd., advised by Houston-based Vinson & Elkins LLP, and Houston-based private equity firm EnCap Investments LP have each committed $225 million in funding.

Mexico City-based venture capital firm Infraestructura Institucional S. de R.L. de C.V. (I2) has committed $75 million. I2 was launched by Denver-based Black Creek Group in 2009, which sold controlling interest in 2012.

All three investors have the option to double their commitments once the initial equity has been deployed.

Prior to joing Sierra as CEO, Ivan Sandrea was a senior partner at EY in London and Vice President of Global Strategy and Business Development at Statoil. Sandrea holds a BSc. in geology from Baylor University, and a MSc. in geology and MBA from Edinburgh University.

“The opening of Mexico’s energy sector represents a transformational opportunity for the country….At Sierra we have been preparing for this opportunity for several years,” he said.

Current News

Simulators Should Reflect Actual System Behavior, Not Perfection – Which Doesn't Exist in the Real World

Simulators Should Reflect Actu

St. Johns Ship Building Delivers Third CTV in 6 Months

St. Johns Ship Building Delive

Africa Oil to Buy Out BTG's 50% Stake in Nigeria Joint Venture

Africa Oil to Buy Out BTG's 50

EU to Place Sanctions on 19 Energy-Related Ships Including LNG Vessels

EU to Place Sanctions on 19 En

Subscribe for OE Digital E‑News

Offshore Engineer Magazine