Grupo Carso Acquires Stake in Talos Mexico
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Grupo Carso Acquires Stake in Talos Mexico

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Perla Velasco By Perla Velasco | Journalist & Industry Analyst - Fri, 05/26/2023 - 17:29

Zamajal, a subsidiary of Grupo Carso, finalized a deal to acquire a 49.9% stake in Talos Mexico, which holds a 17.4% participation in the Zama mega-field. The transaction, valued at US$124.7 million, will be paid in two installments. Zamajal's investment will strengthen its position in the industry and expand its portfolio in oil businesses.

Talos Mexico currently holds a 17.4% interest in the Zama mega-field, a significant offshore oil discovery. The acquisition will allow Zamajal to tap into the economic potential of Zama and bolster its presence in Mexico’s oil market.

“We are delighted to partner with Grupo Carso. Our relationship with them dates back to 2015, during the bidding processes in Mexico. We believe that Carso is the perfect partner at this juncture, as its investment reflects the tremendous potential of Zama," stated Timothy S. Duncan, President and CEO, Talos Energy.

The agreement entails Zamajal paying US$74.85 million upon the closing of the transaction, with the remaining US$49.9 million to be paid when the first production from the Zama field commences. This financial commitment demonstrates Grupo Carso's confidence in the future success of the project.

Carso's participation in the Zama field, widely regarded as one of the sector's most controversial assets, will further enhance the already impressive portfolio of the civil engineering conglomerate. According to the Bloomberg Billionaire Index, Grupo Carso's owner, Carlos Slim, boasts a fortune of US$90.3 billion, consolidating Grupo Carso’s position as a major player in the global business landscape.

In late March 2023, a landmark agreement was reached between PEMEX and the consortium led by Talos Energy, which includes Sierra Oil & Gas and Premier Oil. The consortium had discovered the Zama field in 2017, sparking negotiations with PEMEX, which claimed overlapping rights to the area.

Under the new agreement, PEMEX will hold a 51% stake in the Zama field, while the consortium, including Talos Energy, will retain a 49% interest. This shared ownership structure allows for joint decision-making regarding the development of the field, with Talos having the opportunity to co-lead operation and drilling decisions.

The collaboration between Talos and Grupo Carso marks a significant milestone in the development of the Zama field. The expertise and global business acumen of Grupo Carso, coupled with Talos' experience and strong presence in Mexico, set the partnership up for success.

Photo by:   joebelanger

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