Mexico’s only oil champ, Sierra, is backed by big money

Bloomberg – Sierra Oil & Gas, poised to become Mexico’s first private crude producer in seven decades, has never drilled a well. What it does have going for itself is money — from New York financiers, a co-owner of the Houston Astros and a Mexican firm being bought by BlackRock Inc.

With Sierra, the only winning bidder in the first oilfield auction since the country scrapped a state monopoly, Mexico gets exactly what it was looking for: an infusion of foreign capital to help reverse a 10-year decline in crude output.

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