Pemex Contracts Drive Carlos Slim’s Grupo Carso Deeper Into Mexican Oil
Energy · Mexico
Key Facts
—The push. Carlos Slim’s Grupo Carso is expanding fast in Mexican oil and gas, largely through contracts with state producer Pemex.
—The big deal. Carso signed a US$1.99 billion contract to drill 32 wells at the Ixachi gas and condensate field in Veracruz.
—The target. The project aims to roughly double output from the field to around 200,000 barrels a day within three years.
—More fields. Carso also took on the onshore Macavil field, with first results expected in 2027.
—The buys. It bought a Lukoil unit for the Ichalkil and Pokoch fields and a 30% stake from TotalEnergies in an offshore block.
Mexico’s richest man is betting big on the country’s oil and gas. Carlos Slim’s Grupo Carso has become the most prominent private partner to state producer Pemex, powered by a string of drilling contracts.
Slim’s energy bet
Grupo Carso, the industrial conglomerate controlled by billionaire Carlos Slim, has moved aggressively into Mexico’s energy sector. A series of contracts and acquisitions has turned the group into the leading private partner of state oil company Pemex. The strategy marks a notable expansion beyond Carso’s traditional construction and retail roots.
The push comes as Pemex, burdened by heavy debt, leans on private capital to develop fields it cannot fund alone. Carso’s deep pockets make it a natural partner for that investment gap.
The flagship Ixachi contract
At the centre of the strategy is a US$1.99 billion contract to drill 32 wells at the Ixachi gas and condensate field in Veracruz. The project is designed to roughly double crude output from the field to around 200,000 barrels a day within three years.
Ixachi is one of Mexico’s most important onshore discoveries in recent years. Ramping up its production is central to both Carso’s ambitions and Pemex’s output goals.
A growing field portfolio
Carso also took on the onshore Macavil field in southern Mexico, where it expects first results in 2027. The additions steadily broaden the group’s footprint across Mexico’s hydrocarbon map.
Each new field deepens Carso’s role in national production. The company is assembling a portfolio that spans gas, condensate and crude.
Buying its way in
Beyond drilling contracts, Carso has bought its way deeper into the sector. It acquired a Lukoil subsidiary to gain full control of the Ichalkil and Pokoch fields earlier in the year.
More recently, it agreed to purchase TotalEnergies’ 30% stake in an offshore Gulf of Mexico block. The acquisitions add producing and development assets to the contracts Carso has won.
Why Pemex needs partners
Pemex carries one of the largest debt loads of any oil company in the world, limiting its ability to invest. Partnering with well-capitalised private firms like Carso lets it develop fields without shouldering all the cost.
For the Mexican government, keeping production from falling is a strategic priority. Private partners help sustain output while the state retains ownership of the resources.
What it means
Slim’s expansion signals confidence in Mexican oil at a time of uncertainty over the country’s energy policy. It also concentrates a growing share of private oil activity in the hands of one conglomerate.
For investors, Carso’s energy arm is becoming a bigger driver of the group’s growth. The payoff will depend on how quickly the new fields deliver the promised barrels.
Frequently Asked Questions
What is Grupo Carso doing with Pemex?
Carlos Slim’s Grupo Carso has signed drilling contracts with Pemex, including a US$1.99 billion deal to drill 32 wells at the Ixachi field, making it Pemex’s top private partner.
How much could production rise?
The Ixachi project aims to roughly double output from the field to around 200,000 barrels a day within three years.
What else has Carso acquired?
It bought a Lukoil unit for the Ichalkil and Pokoch fields and agreed to purchase TotalEnergies’ 30% stake in an offshore Gulf of Mexico block.
Sources
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Sources: Grupo Carso; Pemex.
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