Mexico’s state-owned Pemex is negotiating with billionaire Carlos Slim’s Grupo Carso to secure investment in the Ixachi natural gas field and collaborate on the deepwater Zama oil project, President Claudia Sheinbaum confirmed Tuesday. The talks center on a “mixed contract” model for Ixachi—Mexico’s largest gas discovery in 25 years—and a joint operating agreement for Zama, aiming to leverage private sector expertise while retaining state control over resources.
Deal Structure & Goals:
Mixed Contracts: A novel partnership allowing Pemex to retain resource ownership while integrating private capital and technical skills. Grupo Carso already drills wells at Ixachi, which holds potential to reduce Mexico’s reliance on U.S. gas imports (currently two-thirds of domestic consumption).
Zama Field: The Gulf of Mexico deepwater project, shared with Talos Energy, requires advanced offshore expertise amid Pemex’s financial strain.
Pemex’s Challenges:
Struggling to meet its 1.8 million bpd crude production target as aging fields deplete and new discoveries lag.
High nitrogen content in domestic gas renders much of it unusable, forcing costly imports—U.S. pipeline gas shipments tripled in the past decade (RBN Energy).
Strategic Context:
Ixachi is pivotal to Mexico’s push for energy self-sufficiency under Sheinbaum’s administration.
Slim’s involvement signals private sector confidence in revitalizing Pemex, which faces $105 billion in debt and operational hurdles.