Today's collapsing crude prices and the current shaky U.S. stock market are not slowing down Fieldwood Energy's move to Mexico to seek oil and gas in the country's shallow water fields. Looking for long-term opportunities versus a quick return on investment, Houston-based Fieldwood may well be the new face of the Texas energy sector.

According to a recent announcement, the company's Mexican subsidiary, Fieldwood Energy E&P Mexico, recently locked into a production-sharing contract agreement for Area 4, which was awarded in the Round 1 Call 2 bid process with the Mexican government.

Area 4 comprises the proven but undeveloped Ichalkil and Pokoch fields and is located in the Bay of Campeche at water depths of 100 to 150 feet. Fieldwood will serve as operator of Area 4 and has partnered with PetroBal, S.A.P.I. de C.V., a subsidiary of Grupo Bal, a Mexican conglomerate engaged in the mining, financial, retail and educational industries. Its president is Alberto Gonzalez Baillères, the second richest man in Mexico in 2013, according to Forbes.