Sources close to the matter revealed Mexican state energy company Pemex has engaged in advanced talks with billionaire Carlos Slim. The negotiations could see the tycoon help finance two of Mexico’s most promising oil and gas fields.
Slim aims to expand his vast business empire into the energy sector through these previously unreported negotiations. His current holdings already span telecommunications, banking, insurance, retail, and hospitality sectors across Mexico.
The billionaire’s company, Grupo Carso, holds an 80% stake in Talos Mexico, which owns 17.4% of the Zama offshore field. Pemex maintains a majority 50.43% stake, while Harbour Energy controls the remaining 32.2% portion of the project.
Zama represents one of the world’s largest shallow-water discoveries in the past 20 years. The field contains estimated resources of 600-800 million barrels of oil equivalent. Peak production could reach 180,000 barrels daily, equaling roughly 10% of Mexico’s current oil output.
Development plans for Zama include two offshore platforms, 46 wells, and 68km of pipelines. The project requires approximately $4.6 billion in capital investment, with production expected to begin by late 2025.
Talks now lean toward a joint operating agreement where Pemex would cede some operational control. This arrangement represents a rare concession for the state-owned company, which traditionally maintains tight control over resources.
Slim’s Energy Investments and Pemex’s Struggles
Slim also shows interest in Ixachi, Mexico’s most significant onshore natural gas field. Current gas production flows through the Papan processing plant. Plans exist for a second facility capable of handling 345 million cubic feet daily at a cost approaching $500 million.
These potential partnerships come as Pemex struggles with crushing debt totaling $97.6 billion plus $25 billion in supplier payments. The company faces pressure to meet government production targets of 1.8 million barrels daily.
Slim and Pemex also continue renegotiating terms for developing Lakach, Mexico’s first deepwater natural gas field. The field holds an estimated 900 billion cubic feet of gas reserves.
The billionaire has cultivated strong relationships with Mexico’s government, avoiding public confrontations that occasionally erupted between previous administrations and large corporations. His growing energy investments could reshape Mexico’s petroleum landscape for decades.
