Renaissance Oil Corp. is the first company after 78 years to compete with state -owned Pemex in hydrocarbons production and commercialization in Mexico.
The “3 de 3” law, recently approved in Mexico, has already generated some concerns, especially to Pemex. The State-Company is currently seeking partnerships with private companies abroad.
When the price of WTI (West Texas Intermediate) surpassed the US$100 per barrel in 2014, it was all happiness in the sector with large projections and expectations; just two years later with the barrel closer to US$50, things have changed substantially.
Ecopetrol (NYSE:EC) and Pacific Rubiales (TSX:PRE) are both looking north and making the upcoming concession round in Mexico one of their main targets looking forward. Both are included in the list of 39 firms pre-qualified for Round One.