Private equity players in Houston have teamed up to form what is being dubbed Mexico’s first independent oil and gas exploration and production company.Houston-based EnCap Investments LP and New York-based Riverstone Holdings LLC, which has a major Houston presence, are each investing $225 million in the formation of Mexico City-based Sierra Oil & Gas S de RL de CV. Mexico’s Infraestructura Institucional, which helps develop infrastructure, pumped in another $75 million to create a total investment of $525 million. All three investors retain the option to double their existing commitment once the initial equity has been fully invested.
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