International Frontier Resources Corporation (IFR) has announced that it has entered into a strategic joint venture agreement with Grupo Idesa S.A. de CV (IDESA). The joint venture will allow for the evaluation and joint study of business opportunities in the Mexican oil and gas sector, in particular the first bidding round of the Onshore Blocks of the "Ronda 1" bidding process from the Mexican government.
IFR, through its Mexican subsidiary Petrofrontera, and IDESA have formed a 50/50 joint venture company in Mexico, ‘Tonalli Energia, S.A.P.I de C.V’.
Patricio Gutierrez, Idesa's Delegate member of the board, remarked, "The Energy Reform is a breakthrough in Mexican history that will bring important changes for the oil & gas industry including the petrochemical sector and we are proud to have an active participation in it. Tonalli Energia is the combination of IDESA's and IFR's knowledge and experience; therefore we are certain that this Joint Venture will succeed in the quest for opportunities that will eventually benefit the Mexican industry."
Steve Hanson, President of IFR, added: "This agreement and formation of Tonalli Energia represents a significant milestone for the company as we enter into the Mexican oil and gas industry with a world-class partner. We believe our combined strengths are complementary in the pursuit of opportunities and look forward to participating in the upcoming bid round with Grupo Idesa."
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/02102015/ifr-forms-strategic-joint-venture-1529/