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Renaissance Oil agrees with Russias Lukoil on partnership for Amatitlan block in Mexico

January 12, 2017/ 08:21

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.

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