Germany’s Deutsche Erdoel (DEA) announced on Wednesday, December 5, it plans to buy Mexican independent Sierra Oil & Gas in the largest such merger in Mexico since the historic 2014 energy reform that dismantled state-owned Pemex’s monopoly.
The purchase will “provide us with a high-quality exploration and appraisal portfolio in one of the world’s most sought-after offshore basins,” said DEA CEO Maria Moraeus.
Sierra holds interests in six exploration and appraisal blocks in Mexico. These include the Zama discovery, one of the largest shallow water discoveries in the past 20 years globally. The exploration blocks cover around 9,400km2 in the core part of Mexico’s southeast basin, a proven hydrocarbon area.
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