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Renaissance Oil agrees with Russia’s Lukoil on partnership for Amatitlan block in Mexico

January 11, 2017, 17:50 UTC+3
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MOSCOW, January 11. /TASS/. 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. 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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