MX Oil has fully incorporated its joint venture company Geo Estratos.
The move is a strategic play in allowing MX Oil to leverage Mexico’s re-opened private sector. MX Oil now own 51% of Geo Estratos.
MX Oil’s chief executive Stefan Olivier said: “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.
“With the JV Company now established, MX Oil is well placed to develop oil and gas assets in Mexico with company-making potential.”
The company leader also confirmed the firm was in discussions with both the Mexican authorities and state-owned Pemex regarding potential work.
Earlier this year Mexico opened its energy doors, allowing for private competition in the industry for the first time in more than seven decades.