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2014-10-02 19:55:00

NEW OIL BABY: $525 MLN

NEW OIL BABY: $525 MLN

In the wake of an energy overhaul that ends Mexico's state oil monopoly, a new exploration and production company was born with the name Sierra Oil & Gas, which Chief Executive Ivan Sandrea says already has a wealth of global expertise.

"We're pretty big for a baby," he said on Wednesday.

Sierra said last month it had secured equity commitments of $525 million from U.S.-based private-equity firms Riverstone Holdings LLC and EnCap Investments, along with Mexican private-equity fund Infraestructura Institucional.

Mr. Sandrea said his team has a…

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Tags: MEXICO, OIL, U.S., GAS, BP, STATOIL, PEMEX, CHEVRON, SHELL
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