Riverstone Holdings Ltd. recently announced its partnership with a more prominent oil company headed by Miguel Galuccio. The company operates as a private entity in the sector of energy. Their collaboration aims at operating globally.
The two companies delegated duties to their representatives who held business talks with successful investors worldwide. They also consulted with money-lending institutions. The primary purpose of the meeting was to seek better opportunities that would make their firms earn high revenues. Although the interactions were regarded as private and confidential, they were for establishing investments with higher profit turnovers. Some of the targeted markets include Mexico and much more.
Riverstone is operating under its co-founders, David Leuschen and Pierre Lapeyre. Under their leadership, the firm has earned $34 billion and more. They established the company in 2000. Additionally, they have benefited the company substantially. Riverstone now owns more significant energy investments with nine private financial institutions. Galuccio, on the other hand, has a wealth of experience of 25 years and more in the sector of energy. He is famous on almost five continents of the world. In November, the company was awarded as one of the largest and most successful natural gas and oil company worldwide. The great achievement made him attain membership for Schlumberger Ltd. in their board of trustees.
Mexico is booming with greater profits in the energy industry, and Riverstone has become an active participant. Riverstone used about 17% of the firm’s assets through other similar companies such as Fieldwood Energy LLC and even Sierra Oil & Gas S de RL de CV. The two companies are the most successful in the areas around the Gulf of Mexico. The amount of oil that they deal in is about 85,000 cylinders on a daily basis.
To just put it, Mexico is making the advances due to the involvement of the country’s government in the energy sector. The state had undergone monopoly before when Petroleos Mexicanos was the only natural oil and gas industry for about 75 years. The use of advanced technology and hiring of professional employees is the secret behind the success of Petroleos Mexicanos.
For Galuccio, he previously worked for YPF SA, Argentina as the chief executive officer of the industry. Here, he formed partnerships with Dow Chemical Corp., Chevron Corp., and Petroliam Nasional Bhd. The company grew in all its activities and earned more revenue under his leadership. He retired from the business in 2016.