Carlos Slim Doubles Down on Pemex With $2B Drilling Deal

Billionaire Carlos Slim’s Grupo Carso SAB has signed a $1.99 billion contract with state oil company Pemex to drill 32 wells at the Ixachi natural gas field in Veracruz over the next three years. The Ixachi field, one of Mexico’s most important onshore deposits, currently produces about 93,000 barrels of oil and 715 million cubic feet of gas daily, or roughly 236,000 barrels of oil equivalent.

Carso, through subsidiaries GSM Bronco SA and MX Dlta NRG 1 SA, will carry out the drilling, with Pemex beginning payments in 2027 from revenues generated by hydrocarbons sold under the project. By then, 12 of the 32 wells are expected to be producing. The contract’s final cost could be lower if fewer wells are drilled.

Slim has steadily expanded his energy footprint, investing over $2 billion in Pemex-linked projects, including Zama, Quesqui, and the massive Lakach deepwater field. He has framed private-sector involvement as critical to Pemex’s survival, warning recently that persistent payment delays, mounting debt, and declining output are driving investors away. Speaking at a national engineering forum, Slim urged more business participation to stabilize the company: “We need to find a solution to strengthen Pemex’s position.”

Pemex remains weighed down by over $100 billion in debt and oil output at a 40-year low. While President Claudia Sheinbaum’s administration insists the company will be financially self-sufficient by 2027, it has relied on fresh debt issuance to cover short-term maturities. Mexico’s oil industry overall has seen proven reserves, rig counts, and production decline, even as refining capacity expanded with the start-up of the Dos Bocas refinery—currently running below design capacity after a contamination-related shutdown.

Read this article on OilPrice.com

View Comments