Business mogul and oil executive Miguel Galuccio is teaming up with Riverstone Holdings Ltd., the largest private energy focused equity firm, to attract and work with other large investors and sovereign-wealth funds to take advantage of opportunities in energy investments on a global scale
Riverstone Holdings is already involved in the rapidly growing energy market in Mexico.
Pierre Lapeyre and David Leuschen, the men behind Riverstone Holdings Ltd., have amassed more than 34 Billion dollars in the last decade and a half to provide growth investment in several power and energy corporations including nine private funds. Miguel Galuccio has returned to Schlumberger Ltd., where he once employed, to serve as a member of the board. Schlumberger LTD. is excited to have his 20- plus years of experience that touches all five continents. 134
Mexico is moving strongly in the field of energy reform. Pemex, also known as Petroleos Mexicanos, has relinquished their almost total control of the energy market they’ve had for the last 75 years allowing for gas and oil reserves to use new technological advances from around the world that will better develop the capabilities to bring more oil and gas at a cheaper price.
Galuccio is familiar with doing business in south America having been the chief executive for YPF SA in Argentina. There he made great strides in refining the entire process of getting oil from shale and then out to the market. He did this by closely and personally working with the Dow Chemical Corp., the Chevron Corp. and also with Petroliam Nasional Bhd.
Galuccio’s 13 years working at Schlumberger resulted in a new and successful overall production model that combined customer rates with the increase in the company’s production. To facilitate investment from the private sector, he created a different type of service incentive contracts known by the acronym CIEP
The Mexican government took a huge leap forward in this new global venture in the energy market with an extremely successful auction for rights to deep water oil that had the Chevron Corp. and the Exxon Mobil Corp. as big winners.
The goal for Mexico is to have this act as a springboard to get more outside investors from every continent to fund the growth and development of oil and gas reserves all throughout Latin America.