Friday, March 14, 2025

Mexican tycoon Slim targets two of Pemex’s key fields to gain clout within the energy sector

March 14, 2025

Sources familiar with the matter say that the Mexican state energy company Pemex has been in contact with Carlos Slim, and the billionaire could be asked to help fund two of the most promising crude oil fields and natural gas deposits in the country.

These negotiations, which were not previously reported, show Slim's increasing influence in Mexico's energy sector. His business empire, which includes telecommunications and banking, retail, insurance, and hospitality, is expanding.

Slim, who is one of the richest men in the world, has developed close ties with the leftist government, and avoided public clashes between the former president Andres Lopez Obrador's business interests and the big businesses.

A senior government source revealed that Talos Mexico - in which Slim is the majority shareholder - Harbour Energy and Pemex were in advanced talks to operate Zama a deepwater development in the Gulf of Mexico.

Ixachi, a government source, and two other sources have said that the tycoon also has his eye on the most important natural gas field in the country.

Sources say that while Pemex currently operates Zama (which has not yet started producing), talks are leaning toward a joint operating contract, where Pemex will cede control, a rare model of the state-owned company.

Zama is owned by Pemex (50.43%) and Talos Mexico (17.4%), while Harbour Energy and Talos Mexico own 32.2% and 17.4% respectively.

Pemex declined to respond to an inquiry for comment. Grupo Carso, through which Slim holds the stake in Talos Mexican, also declined to make a comment.

Linda Cook, CEO of the company, stated on a call last week with investors that Zama's operation would probably be changed, but did not give any details. Harbour Energy responded to questions regarding the talks by referring to Cook's remarks.

The source added that "only minor details" remained to be worked out. They added that the funding would be provided by Talos Mexico. Financial terms of a possible deal are not known.

This comes after a longstanding feud between Pemex, a private consortium led by Houston's Talos Energy over who would run Zama.

Talos, the company that discovered Zama’s oil deposits, the first significant discovery made by a foreign firm after the landmark energy reform in Mexico, had wanted to run the deepwater Gulf of Mexico Project, but the Mexican authorities granted Pemex this right.

Talos sold 80% of its stake in Talos Mexico which holds the stake Zama to Zamajal. Zamajal is 90% owned by Grupo carso.

KEY GAS FIELD

Two sources who were directly involved in the talks and the source from the government said that Slim was also in early discussions about investing in Ixachi in Veracruz, the state where the gas find is the most significant in over a quarter century.

The production of the plant is sent to Papan, which has been built specifically for it.

Pemex is considering building a second facility of similar size to process 345 million cubic foot of gas per day. The cost of this plant would be around half a billion dollar, according to one source.

Papan dehydrates and sweetens the wet sour natural gas that rises to the surface in Ixachi. It then conditions it further to produce liquefied petrol gas, which is used for heating and cooking in Mexico.

The source reported that both Ideal, a construction firm also owned by Slim and Grupo Carso expressed an interest in funding the second plant. The source said that an expansion of Perdiz separation battery could be involved. This is a device which separates liquid hydrocarbons from gas.

The government source said that Slim's involvement in Ixachi is likely to be under what they call a mixed contract.

Mixed contracts, recently approved by Congress allow Pemex and private companies to work together in exploration and production so that they can provide financing and expertise while maintaining ownership of resources.

Claudia Sheinbaum, the president of the United States of America (USA), has pledged to protect the legacy of Lopez Obrador. He was a resource-nationalist who strengthened Pemex by destroying private companies.

Sheinbaum is faced with a difficult reality. He must keep the most indebted company of all time afloat, at a moment when production has plummeted to its lowest level in four decades and new discoveries are largely disappointing.

Alexia Bautista is a former Mexican diplomat and now the lead analyst of Horizon Engage, a political risk consultancy.

Bautista stated that "he knows how to cultivate a relationship with all Mexican Presidents, including Andres Manuel Obrador with whom there was some friction, and now Claudia Sheinbaum."

Bautista has said that he is more flexible and pragmatic than other people in the industry.

Slim and Pemex reached an agreement last year to develop Lakach, the first deepwater gas field in Mexico. The project had been abandoned twice due to high costs. (Reporting from Adriana Barrera in Mexico City and Stefanie Eschenbacher in Houston, with additional reporting from Marianna Pararaga in Houston. Editing by Stephen Eisenhammer, Nick Zieminski and Stephen Eisenhammer)

(source: Reuters)

Related News

Marine Technology ENews subscription

World Energy News is the global authority on the international energy industry, delivered to your Email two times per week.

Subscribe to World Energy News Alerts.