Renaissance announced aggressive expansion strategy & BP particpates in Mexico's 2018 Oil Hedge
Chairman of the Board of Renaissance Oil, Ian Telfer, stated to Reuters on Wednesday, Nov. 8, that the company has plans for aggressive expansion in Mexico, potentially reaching 30 exploration blocks in the next five years.
According to industry insiders BP participated in Mexico’s 2018 oil hedge on which the government spent approximately US$1.26 billion. The Mexican government’s oil hedge is the largest in the world and is used to cover the country’s budget in case of drops in the oil price.
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