Mexico City (Reuters) - Mexican state-run energy company Pemex is currently engaging in discussions with Carlos Slim regarding potential financial support for two of the nation's most promising oil and gas fields, as per sources familiar with the matter.
These negotiations, not previously disclosed, underscore Slim's increasing influence in Mexico's struggling energy sector, expanding his business empire that already includes telecommunications, banking, insurance, retail, and hospitality.
Slim, among the wealthiest individuals globally, has fostered strong ties with the leftist government and sidestepped public conflicts that occasionally arose between former President Andres Manuel Lopez Obrador and corporate giants.
Slim's majority-owned venture Talos Mexico, Harbour Energy, and Pemex are at advanced stages of negotiation to jointly operate Zama, a deepwater project in the Gulf of Mexico, stated a senior government source.
Additionally, the magnate is reportedly considering involvement in the country's Ixachi field, according to the government source and two other sources.
While Pemex currently operates Zama, discussions are gravitating towards a joint operational agreement, indicating a departure from the norm for the state entity, the source mentioned.
Pemex holds a 50.43% stake in Zama, with Talos Mexico and Harbour Energy owning 17.4% and 32.2%, respectively.
Neither Pemex nor Grupo Carso, the vehicle through which Slim owns a stake in Talos Mexico, responded to requests for comments.
CEO Linda Cook hinted during an investor call last week at anticipated operational adjustments for Zama without divulging specifics. Harbour Energy referred to Cook's remarks when queried about the negotiations.
The funding for the potential deal, facilitated by Grupo Carso, is near finalization pending minor details, with financial terms undisclosed. Slim's involvement follows an extended dispute over Zama's operational rights between Pemex and a private consortium led by Talos Energy, which discovered the field in 2017.
Slim is also exploring investment options for Ixachi. Sources familiar with the discussions reveal plans for a second plant similar to the existing Papan facility, a nearly half-billion-dollar project. Grupo Carso and Ideal, another Slim-owned company, have shown interest in financing the plant and potentially expanding the Perdiz separation battery.
Slim's envisioned role in Ixachi would likely fall under a mixed contract, recently green-lighted by Congress, enabling Pemex to partner with private firms in exploration and production while maintaining control over resources. This partnership model aligns with President Claudia Sheinbaum's commitment to preserving Lopez Obrador's resource-focused policies despite the challenges Pemex faces.
Alexia Bautista, a former Mexican diplomat and political risk analyst, highlights Slim's adeptness at navigating political landscapes and cultivating relationships with successive Mexican leaders. Bautista credits Slim's pragmatism and flexibility, particularly evident in the agreement between Slim and Pemex to revive the abandoned Lakach project last year.