DEA to acquire Sierra Oil & Gas in Mexico

DEA Deutsche Erdoel AG has signed an agreement to acquire Sierra Oil & Gas, a leading independent Mexican oil and gas company. Sierra holds interests in a portfolio of six exploration and appraisal blocks in Mexico, including the world class Zama discovery.

The transaction is an important milestone in DEA’s international growth strategy, fulfilling DEA’s objective of building a significant portfolio in the Mexican upstream market. DEA will add Sierra’s acreage to its existing portfolio of operated production and exploration blocks, to become one of the country’s largest acreage holders. Once completed, it will be the largest upstream M&A transaction in the country since the liberalization of the petroleum sector in 2013.

DEA’s Chief Executive Officer Maria Moraeus Hanssen commented:

“The acquisition of Sierra will allow DEA to achieve materiality in the highly strategic and competitive Mexican upstream market and provide us with a high-quality exploration and appraisal portfolio in one of the world’s most sought-after offshore basins, as well as a strong team. The transaction also underlines our confidence in the future of Mexico’s energy industry. Upon completion of the planned merger of DEA and Wintershall, this acquisition will further strengthen Mexico as a core region for the combined company, which will become one of the major players in Mexico.”

Source / More : DEA Deutsche Erdoel AG

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