December 4, 2018 / 11:17 PM / 5 months ago

Germany's DEA says it will buy Mexico's Sierra Oil and Gas

Dec 4 (Reuters) - Germany-based energy firm DEA Deutsche Erdoel AG has signed an agreement to buy Mexico’s independent oil company Sierra Oil and Gas, DEA said in a statement on Tuesday.

The merger will boost DEA’s presence in Mexico as it looks o expand its portfolio ahead of its merger with BASF SE’s oil and gas unit Wintershall next year.

“The acquisition of Sierra will allow DEA to achieve materiality in the highly strategic and competitive Mexican upstream market,” DEA Chief Executive Maria Moraeus Hanssen said in the statement.

Terms of the deal were not disclosed. (Reporting by Mekhla Raina in Bengaluru Editing by Matthew Lewis)

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