Grupo Carso Increases Stake at Talos: The Week in Oil and Gas

Talos Energy strengthens its financial position by selling a 30.1% stake in Talos México to Grupo Carso’s Zamajal entity for US$82.7 million.

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Talos Energy Sells 30.1% Stake in Talos México to Grupo Carso

Talos Energy sold a 30.1% stake in Talos México to Grupo Carso’s Zamajal entity for US$82.7 million, strengthening its financial position and Zama’s development. Talos retains a 20% stake in Talos México and a 17.4% indirect stake in Zama.

CNH Grants Approval to Lukoil for Tabasco Oil Block

CNH granted dual approval to Lukoil for its exploratory and evaluation phases in Tabasco's offshore block. Adjustments to the 2024 Work Program and Budget include rescheduled drilling activities due to equipment unavailability. The revised exploration budget is US$8.12 million, and the evaluation budget is US$14.69 million, with significant timeline adjustments for drilling activities.

Fitch Affirms PEMEX's B+ Rating Amid Financial Struggles

Fitch Ratings affirmed PEMEX's B+ rating with a stable outlook, despite ongoing financial and operational issues. PEMEX's debt remains a major concern, with US$97 billion reported in September. The Mexican government’s inclusion of PEMEX in the 2025 budget, with US$6.7 billion allocated, is seen as positive. However, PEMEX faces liquidity threats and underinvestment challenges due to its high debt service costs and insufficient maintenance funds.

PEMEX Exceeds Expectations With November Payment to Public Finances

In November, PEMEX contributed MX$48.292 billion to Mexico's public finances, more than double the forecast. This was driven by DUC and hydrocarbon extraction payments, marking a significant increase over last year’s figures.

Above-Average 2024 Atlantic Hurricane Season Disrupts US Energy Sector

The 2024 Atlantic hurricane season saw above-average activity with 18 named storms and 11 hurricanes, including five major hurricanes. Significant energy impacts included power outages and oil and gas production shutdowns, primarily on the Gulf Coast. Major hurricanes Milton and Helene caused notable disruptions, with precautionary evacuations and production halts.