The consortium integrated by mexican and canadian companies presents a new oil Enterprise called Petrofrontera.
Mexico City, May 25, 2015.- Recently Steve Hanson, CEO from International Frontier Resources Corporation confirmed the creation of a new enterprise focused in the oil extraction and exploitation in México called Petrofrontera, this enterprise will involve the Mexican company called Mirando Mining and right now the consortium is looking for another Mexican enterprise that could provide knowledge and technical capacity for the new projects that Petrofrontera have in our country.
Hanson added that Mexico may not generate the same level of oil production as Brazil, but is still plenty of oil and natural gas in their soil, also said that Mexico is the ninth largest oil producer in the world and the eleventh position in terms of net exports.
The CEO added that the new unit will study and participate into the tendering process in Mexico produced by the energy reform announced in 2014 that establishes a new legal framework for the nation´s energy sector that could provide million of dollars form de incoming foreign investment from oil companies worldwide.
The tendering process known as Ronda Uno includes 169 blocks in total, with 60 production blocks and 14 under joint ventures with Pemex, the Mexican oil company, Hanson said that he believe in Mexico because the excellent growth potential in the current environment, and the prices considering that the production cost of the oil industry is less than US $25 per barrel.
Petrofrontera is now preparing to participate on the first open bid rounds expected on the summer of 2015 and also is working in projects on the US Northwest Territories like Southern Alberta and in North West Montana.
The company also announces that in 2014 their results showing an increase from $792,800 dollars during last year compared with the $922,355 rising in the current year.
Mexican Business Web