Renaissance Oil agrees with Russia’s Lukoil on partnership for Amatitlan block in Mexico
Moscow. Renaissance Oil corporation has become partner of Russian oil major Lukoil in development of the Amatitlan block in the Gulf of Mexico by acquiring a 25% stake in the Petrolera company (the project’s operator) for $1.75 mln. Renaissance said in a statement.
According to the statement, Renaissance Oil signed an agreement with Lukoil (which owns 50% Petrolera) and the Marak Capital company (owns 50% in Petrolera) to acquire 25% in Marak, reports TASS. The deal is expected to be finalized in late January.
The companies agreed that Renaissance will increase the share in Petrolera to 62.5% by acquiring another 12.5% from Marak and 25% from Lukoil.