The oil industry may soon see two respective giants combining forces with one goal of creating energy investments. Oil tycoon Miguel Galuccio is launching an international company in cooperation with Riverstone Holdings Ltd. The much anticipated move could help halt the decline in oil-production in Mexico. Mexico has seen a decline for twelve straight years. It was ranked as the 7th largest oil producer in the world in 2006. This move could signify a turn in what has been a steady decrease in production.
Riverstone Holdings, Ltd. founded by David Leuschen and Pierre Lapeyre deals with five separate entities across the energy spectrum. The global company deals with assets exploration, coal, energy services, midstream and specific renewable sectors. Galuccio has a wealth of experience in the energy field. He has spent two and a half decades becoming an industry expert. He is internationally recognized as a petroleum expert. Galuccio boasts experience as the former Chief Executive Officer of YPF.
Galuccio and Riverstone Holdings, Ltd. would seek out new energy related investments in different markets. One of those key markets would be Mexico. Galuccio and Riverstone Holdings, Ltd. are reportedly meeting with larger investors who might be able to fund the projects. Based on the experience of these two industry giants, it seems likely they will acquire the funding they need.
Gallucio also has extensive experience at Schlumberger. His hard work there on several projects was recognized as innovative. The collaborative effort between the two could spell much need success for the petroleum industry in Mexico.
Galuccio has enjoyed success in many different oil related projects. His knowledge coupled with the backing of industry giant Riverstone Holdings, Ltd. will attract potential investors.
Mexico has enjoyed recent success with a deep-water oil auction. 8 of the 10 deep-water blocks up for auction went to companies like Total SA, CNOOC Ltd., Chevron Corp. and Exxon Mobil Corp. The auction success story might have propelled this coordinated effort from Galuccio and Riverstone Holdings, Ltd further.