PEMEX, Grupo Carso Renegotiate Lakach

PEMEX and Grupo Carso are renegotiating their agreement for the development of Lakach, Mexico’s first deepwater natural gas field, as economic uncertainty and declining gas prices prompt a reassessment of the project’s financial viability.

As reported by Reuters, Grupo Carso has proposed incorporating the nearby Piklis and Kunah fields into the development to enhance profitability. These fields, each with two wells drilled, were declared strategic priorities by the Sheinbaum administration as part of efforts to reduce dependence on US natural gas imports, particularly considering potential shifts in US trade policy under the administration of Donald Trump.

Grupo Carso's involvement in the energy sector is also growing. Carlos Slim’s team has been increasing investments in various energy projects, including stakes in shallow-water fields like Zama, Ichalkil, and Pokoch. Slim’s expanding influence in the energy industry is significant, not only from a business perspective but also due to the political leverage it could provide. The inclusion of Piklis and Kunah fields into the Lakach development could also raise the project’s political and economic stakes, further cementing Grupo Carso’s role in Mexico’s energy landscape.

Negotiations remain ongoing and Grupo Carso has indicated it may withdraw from the agreement if a financially viable structure cannot be reached.

The timeline for Lakach’s development also appears uncertain. The field, originally slated to start production in 2026 with a relatively short production span of eight years, is now facing delays. Additional investment is needed to address challenges such as low well pressure, and PEMEX is looking to the private sector to help cover these costs. 

This focus on collaboration follows a recently introduced package of secondary laws aimed at reversing elements of the 2013 energy reform and strengthening PEMEX. The proposed changes grant PEMEX preferential rights in selecting exploration and extraction areas and allow for mixed contracts with private investors.