Carlos Slim Eyes Key PEMEX Fields

Carlos Slim is in advanced negotiations with PEMEX to jointly operate two of the country's most promising energy fields, signaling his growing influence in Mexico's energy industry, according to sources reported by Reuters. Slim’s Grupo Carso, through Talos Mexico, is in talks to finance and operate the Zama deepwater oil project in the Gulf of Mexico, as well as participate in the Ixachi natural gas field in Veracruz.

Meanwhile, PEMEX is considering the transfer of operational control of the offshore Zama oil field to its private partners as the state-owned company faces record-high supplier debt and explores new partnerships to finance key projects.

Linda Cook, CEO, Harbour Energy, which holds a 32.2% stake in Zama, says discussions are underway to allow private partners to take over operations in exchange for advancing the project. Cook told investors in London that Mexico’s new administration is showing a more open stance toward strategic projects.

Zama was discovered in 2017 by Talos Energy in partnership with Premier Oil and Sierra Oil & Gas. It was the first major discovery by a private company following Mexico’s 2013 energy reforms. The field has an estimated 800MMboe in total reserves and is expected to require a US$4.5 billion investment for development.

In 2022, PEMEX was designated as the operator of Zama after claiming that the reservoir extended into one of its adjacent assignments. As part of the unitization agreement, PEMEX secured a 50.4% stake in the project, while Harbour Energy retained 32.2% and Talos Energy kept 17.4%. Talos later sold 49.9% of its interest to Mexico’s Grupo Carso.

Slim’s involvement in the Ixachi field could include investments to expand natural gas processing facilities. PEMEX has been considering building a second plant to handle up to 345MMcf/d. Private participation would likely be under a newly approved mixed contract, allowing companies to collaborate with PEMEX on exploration and production while the state company retains ownership of the resources.