Texas grants drilling permit to a Mexican oil company for the first time
For the first time ever, Texas authorities have issued a drilling permit to a Mexican company for gas and oil extraction in the state.
The Texas Railroad Commission, the agency that regulates the energy industry in the state, authorized Petrobal Omega 1 LLC to drill a 5,000-foot (2,524-meter) deep vertical well in the Barnett Shale basin located in Northern Texas. Drilling work will take place in Jack County, northwest of the Dallas-Fort Worth metro area.
Petrobal Omega 1 LLC was registered last February at the Texas Secretary of State as a subsidiary of Mexico City-based PetroBAL, a company founded in 2015 by mining mogul Alberto Bailleres Gonzalez, president of Grupo Bal, a conglomerate that owns the world’s largest silver producer.
Targeting oil and gas exploration and production, PetroBAL became Mexico’s first private oil company in decades. Bailleres recruited Carlos Morales Gil, former head of Pemex’s key Exploration and Production subsidiary, as PetroBAL’s CEO.