McClendon Looks at Shale Plays in Mexico
MEXICO CITY – A subsidiary of Oklahoma City-based American Energy Partners LP plans to partner with EIM Capital here to tap into Mexico’s vast unconventional oil and gas reserves, the companies have announced.
Mexico holds about 60 billion barrels of shale resources, according to Energy Information Administration, enough to supply the market for 35 years.
“This partnership will provide significant value to both companies and to the Mexican economy,” said Aubrey McClendon, chairman and CEO of American Energy in a prepared statement. “EIM’s knowledge of and investments in Mexican infrastructure coupled wit AELP’s knowledge of an operation within the unconventional energy industry will produce unparalleled opportunities as this exciting project progresses.”
McClendon, formerly chairman and CEO of Chesapeake Energy Corp., the company he founded, was among the first to prospect for unconventional oil and gas in eastern Ohio’s Utica shale play.
CEO Franco Hamdan and Vicente Fox, a former president of Mexico, lead EIM Capital. The company is a private equity fund dedicated to new investment in Mexico’s energy sector.
“We are excited to partner with one of the world’s most experienced and efficient unconventional producers who, under the right operating environment, could help unlock Mexico’s unconventional energy resources and spur an energy boom, which would be transformational for the Mexican economy,” Hamdan said.
In his statement, Fox added, “This is a major opportunity for Mexican energy production. We look forward to working closely with the Mexican government to advance this monumental project and enhance Mexico’s current energy policy.”
Pictured: Aubrey McClendon.
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