Mexican billionaire investor, Carlos Slim, announced on Monday that his team is reassessing a deal with state oil company Pemex to develop Mexico's inaugural deepwater natural gas field. The project has long grappled with challenges concerning its financial viability.
Slim's remarks align with a recent Reuters report detailing efforts by Grupo Carso and Pemex to revamp the Lakach project for profitability, despite anticipated lower gas prices.
During a press conference in Mexico City, Slim described the project as intricate and emphasized the technical expertise required due to the deep-sea location in the Gulf of Mexico. When questioned about continued interest in the field, he responded that the decision would hinge on the project's developments.
Pemex has abandoned the Lakach project twice before due to excessive development costs. Slim underscored the necessity for more infrastructure investment, citing Mexico's heavy reliance on gas imports from the United States.
Grupo Carso aimed to incorporate two adjacent fields, Piklis and Kunah, into the project to enhance its economic prospects, with considerations even made to suspend the venture temporarily.
Recent years have seen Slim expand his energy sector investments, including stakes in shallow-water fields like Zama, Ichalkil, and Pokoch. It was reported last year that Slim's team held discussions with Pemex officials regarding the Lakach project.
Situated approximately 90 kilometers (56 miles) from the Gulf port of Veracruz, Lakach is estimated to hold about 900 billion cubic feet of gas. Production challenges arise from the low pressure at the current well and the necessity for substantial additional investments, compounded by declining gas prices.