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Akin Gump Advises Lukoil on Sale of an Interest in Amatitlan Exploration and Production Block

Akin Gump Advises Lukoil on Sale of an Interest in Amatitlan Exploration and Production Block

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Akin Gump has advised PJSC Lukoil in relation to the acquisition by Renaissance Oil Corp. of an indirect 25% interest in the Integrated Exploration and Production Contract for the 230 square kilometer (56,800 acres) Amatitlan block near Poza Rica, Veracruz, Mexico. Park Energy Law advised Renaissance Oil on the deal.

As part of the agreement, Renaissance will acquire an indirect 25% interest from Marak, Lukoil's current partner, in Petrolera de Amatitlan S.A.P.I. (Petrolera), the contractor of the Integrated Exploration and Production Contract for the Amatitlan block. Marak currently owns a 50% indirect interest in Petrolera, with the remaining 50 percent held by Lukoil. Renaissance will also have an option to acquire up to a 62.5% interest in Petrolera.

Renaissance will also take the lead role in operations.

The Akin Gump team advising Lukoil was led by Moscow Corporate Partners Natalia Baratiants and Vladimir Kouznetsov, supported by Senior Counsel Alexander Trukhtanov in Moscow and Associate Eduardo Canales in Houston.

The Park Energy Law team was led by Partner Mark Gerlitz assisted by Partner Jennifer Traub of Cassels Brock & Blackwell on Canadian corporate/securities matters and Partner Noe Pascacio Montijo of Bello, Gallardo, Bonequi y García, S.C. on local Mexican matters.

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