PEMEX Considers Transferring Zama Operations to Private Partners

PEMEX is negotiating 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 that 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.

Private sector interest in operating Zama comes at a time when PEMEX is facing mounting financial pressure. The company’s supplier debt reached MX$506.2 billion by the end of 2024, the highest in 13 years and a 26% increase from the previous quarter. Víctor Rodríguez Padilla, CEO, PEMEX, recently visited Ciudad del Carmen, Campeche, to meet with local business leaders and discuss outstanding payments and the Codificación de Pagos y Descuentos (COPADE) system used to process supplier invoices.

The potential transfer of Zama’s operations marks a shift in Mexico’s energy strategy under the administration of President Claudia Sheinbaum. While the previous government prioritized PEMEX’s control over strategic assets, Sheinbaum has indicated a willingness to attract more private investment to stabilize national oil production, which has declined from 3.4MMb/d in 2004 to below 1.8MMb/d in 2024.