Carlos Slims Enters Mixed Contract for Macavil Field

PEMEX has awarded a new mixed contract for the onshore Macavil field to a company linked to billionaire Carlos Slim, marking another step in the growing alignment between the national oil company and one of the country’s most powerful business groups. The decision comes as PEMEX accelerates the rollout of its new mixed-contract model amid mounting financial pressures and declining production levels.

According to Reuters, the Macavil contract was awarded in late January to a Slim-owned firm, following the signing of several mixed contracts in December. The scheme is part of PEMEX’s strategy to bring in private capital while retaining a minimum 40% stake in upstream projects, an approach designed to shore up investment without fully reopening the sector to competitive bidding as seen under Mexico’s 2013 energy reform.

Macavil is a relatively small onshore field located in southern Mexico but holds strategic value due to its gas and condensate reserves. The field was discovered in 2024 and contains proven reserves of 7MMb of condensate and 73Bcf of natural gas. Possible reserves rise significantly, to 34MMb of condensate and 409Bcf of gas. Under the mixed-contract framework, PEMEX aims to produce a cumulative 27.5MMb of liquids and 393Bcf of gas by 2045, with peak crude production of 14Mb/d expected in 2028.

The award underscores a broader trend: Slim’s expanding footprint across Mexico’s oil and gas value chain at a time when PEMEX is seeking liquidity, technical capacity and political backing to stabilize its operations.

The Macavil award must be viewed against the backdrop of PEMEX’s ongoing financial and operational challenges. Despite repeated capital injections from the federal government, PEMEX remains one of the most indebted oil companies in the world, with total financial debt exceeding US$100 billion. In addition, the company has struggled with mounting arrears to service providers and suppliers, which surpassed US$28 billion by September 2025.

PEMEX is deploying efforts to regain liquidity while avoiding a full reopening of the energy sector. The mixed-contract model is central to this effort, allowing PEMEX to bring in private funding and operational expertise while preserving state control. The approach has been framed by the government as a pragmatic alternative to the pre-2018 reform framework, which current and previous administrations have criticized for weakening state sovereignty.

Carlos Slim’s growing presence in upstream oil and gas is not limited to Macavil. In September 2025, Grupo Carso signed a major agreement with PEMEX to finance the drilling of up to 32 wells in the onshore Ixachi field, Mexico’s largest natural gas discovery. The deal, valued at up to US$1.99 billion, represented one of the largest private financing arrangements PEMEX has secured in recent years.

Ixachi plays a critical role in Mexico’s gas balance, particularly as the country continues to depend heavily on US pipeline imports to meet domestic demand. PEMEX’s ability to accelerate production at Ixachi has implications not only for energy security but also for electricity generation, as natural gas fuels more than 60% of Mexico’s power mix.

Slim is also deeply involved in offshore production. Through Talos México, he is a partner alongside PEMEX and Harbour Energy in the Zama field, one of the largest oil discoveries made by private operators in Mexico. Zama contains an estimated 750MMboe and remains a flagship project for PEMEX’s offshore ambitions. Development of the field has been slow, reflecting regulatory complexity and PEMEX’s capital constraints, but it remains a cornerstone of future production plans.

Zama is frequently mentioned alongside Trion and Maloob as part of PEMEX’s strategy to arrest production declines. Trion, in ultra-deepwater, is being developed with Woodside Energy, while Maloob remains one of PEMEX’s legacy assets in shallow waters.

Slim’s upstream exposure expanded further in early 2026, when Grupo Carso announced the acquisition of Lukoil’s Mexican subsidiary, Fieldwood México. The transaction gave Carso full control of the Ichalkil and Pokoch fields, located offshore Campeche, after previously acquiring Petrobal’s 50% stake.

The deal reinforced Slim’s long-term commitment to Mexico’s oil and gas sector, particularly in producing assets with existing infrastructure and near-term cash flow. Ichalkil and Pokoch are among the most productive private fields in Mexico, and their consolidation under Grupo Carso underscores the group’s appetite for assets that can complement PEMEX’s portfolio rather than compete directly with it.

Slim’s closer ties with PEMEX coincide with a period of political continuity in Mexico’s energy policy. Both former President Andrés Manuel López Obrador and current President Claudia Sheinbaum have emphasized the primacy of state-owned companies while leaving limited space for private participation under controlled formats. Slim has historically maintained close relationships with Mexican administrations across the political spectrum, positioning his companies as reliable partners in strategic sectors.

The mixed-contract model reflects this alignment. Rather than opening competitive bidding rounds, PEMEX selectively partners with companies that can provide financing, execution capacity and political alignment. Slim’s conglomerate, with interests spanning construction, telecommunications and infrastructure, fits this profile.

At the same time, PEMEX’s urgency is clear. Production has fallen steadily over the past decade, reaching levels not seen since the late 1970s. MBN has reported that PEMEX closed 2025 with liquid hydrocarbons production of approximately 1.64MMb/d, well below official targets and far from the 1.8MMb/d goal set in its strategic plan.

The mixed-contract push, including Macavil, is therefore not merely a policy choice but a necessity: PEMEX needs capital, and quickly. Whether this approach will be sufficient to reverse production declines remains an open question, particularly given the modest scale of some awarded fields and the long timelines involved.

Carlos Slim has emerged as one of the most influential private actors in this new landscape. Through Grupo Carso, Talos México and financing agreements with PEMEX, Slim now has exposure across onshore gas, shallow-water oil and ultra-deepwater projects. This diversified presence positions his group as a long-term partner in Mexico’s hydrocarbons strategy.