Post Tagged with: "privatization of Mexico Oil and Gas"

IFR Moves Forward in Mexico

IFR Moves Forward in Mexico

IFR jointly owned partner Tonalli shoots for first well on Tecoluta in 1H 2017 International Frontier Resources Corporation (ticker: IFR) has officially taken over operatorship of onshore oil and gas development block Tecolutla from state-owned PEMEX in Mexico.  IFR’s jointly owned Mexican company Tonalli Energia has initiated oil field services contracting, and the company said it has found service providers to be readily available and competitive. Tonalli plans to drill its first well in H1 2017, the company reported. IFR was one of the first foreign companies to participate in the reformation of Mexico’s oil and gas sector and it has been moving rapidly through the processes set up by the Mexican government. The Tecolutla block was acquired through a 50-50 joint venture with Mexican petrochemical leader Grupo IDESA in last year’s onshore block auction. Tonalli has reprocessed existing seismic data and has identified development targets at Tecolutla. “After review of the[Read More…]