Carlos Slim’s Grupo Carso Acquires 30% of Gulf of Mexico Oil Block from TotalEnergies
Mexico · Oil & Gas
Key Facts
—Binding Acquisition Grupo Carso signed a binding deal to buy TotalEnergies’ full 30% interest in Block 30, marking another major step in Carlos Slim’s rapid energy-sector expansion.
—Block 30 Operator Harbour Energy retains the 70% majority stake and remains the operator of the shallow-water block, ensuring operational continuity for partners and regulators.
—Strategic Location The block lies in the prolific Cuenca Salina del Istmo at water depths of just 40–50 meters, making it accessible, cost-effective, and attractive for private investment.
—Major Resource Upgrade Harbour Energy recently raised the in-situ resource estimate for the Kan discovery within Block 30 to 500 million barrels, significantly enhancing the asset’s long-term value.
—Private Oil Opening The deal is possible because Mexico’s 2013 energy reform ended Pemex’s 75-year monopoly, allowing private firms to explore and produce oil through licenses and contracts.
Grupo Carso, the conglomerate controlled by billionaire Carlos Slim, has reached a binding agreement to acquire TotalEnergies’ entire 30% stake in a Gulf of Mexico oil block, deepening its bet on Mexico’s private energy opening while major international players retreat.
The Block 30 Transaction
Grupo Carso announced it had secured a binding agreement with the French oil major TotalEnergies to take over its full 30% participation in Block 30, a shallow-water area in the Cuenca Salina del Istmo, part of the broader Cuenca del Sureste offshore Mexico. The acquisition will be executed through a subsidiary of Zamajal, Carso’s dedicated hydrocarbons exploration and production division.
Neither the transaction value nor the expected closing date was disclosed.
Harbour Energy, which holds the remaining 70% and operates the asset, will stay on as operator after the deal closes. Block 30 covers a compact area of just 30.5 square kilometers, with well depths ranging from 3,300 to 3,750 meters and water depths of only 40 to 50 meters—placing it firmly in the cost-effective shallow-water category that has drawn significant private capital into Mexico’s Gulf waters.
The Kan Discovery and Resource Potential
The core prize inside Block 30 is the Kan oil and gas discovery. Harbour Energy recently completed an evaluation of Kan and issued an upbeat assessment: the company raised its estimate of hydrocarbons in situ at the field to 500 million barrels of oil equivalent.
Earlier, post-discovery estimates in 2023 had pointed to a range of 200 to 300 million barrels in situ, so the updated figure represents a significant jump in perceived resource potential.
Sergio Calles, Exploration and Appraisal Manager for Block 30, said the results validate the quality of the Kan discovery and demonstrate its capacity to generate high-value resource growth. Before the current ownership structure, the block’s partners included Wintershall Dea, Harbour Energy, and Sapura OMV—underscoring its history as a highly contested prize from the very start of Mexico’s competitive bid rounds.
Slim’s Expanding Gulf of Mexico Portfolio
This deal is the latest in a string of aggressive energy investments by Carlos Slim. In May 2023, Grupo Carso bought 49.9% of Talos México—the local subsidiary of US.-based Talos Energy—for US$124.7 million, gaining a stake in the Zama mega-field, often called the largest private oil discovery in modern Mexico.
By early 2026, Carso had raised its holding in Talos México to 80%, and company forecasts now see Zama producing up to 180,000 barrels of oil equivalent per day, or more than 10% of Mexico’s current output.
Carso also agreed to pay US$530 million for 50% of Area 4 in the Gulf, which contains the Pokoch and Ichalkil shallow-water fields, where commercial production began in late 2021. Additionally, Grupo Carso is partnering with state-owned Pemex on the Lakach offshore gas field and has expressed interest in new “mixed contracts” that allow private companies to operate fields alongside the state giant.
Across Zama, Pokoch–Ichalkil, and Lakach, Carso plans investments exceeding US$2.5 billion.
How Mexico Opened Oil to Private Companies
None of these private-sector deals would be possible without the 2013 energy reform, which broke Pemex’s 75-year state monopoly on exploration and production—a monopoly established by the 1938 oil expropriation. The reform allowed private and foreign companies to enter the hydrocarbons sector through service contracts, profit-sharing contracts, production-sharing contracts, and licenses.
Block 30 itself was awarded during Ronda 3.1 in 2018, a shallow-water bid round that saw heated international interest. Today, even as some global majors pare back their Mexican portfolios, a regulatory framework enabling mixed schemes with Pemex and direct contracts with the Energy Ministry (SENER) continues to attract homegrown conglomerates, with Grupo Carso now standing as the most prominent example.
Why This Matters for Investors
For expat and foreign investors watching Mexico, Grupo Carso’s rapid accumulation of offshore oil assets signals confidence in the regulatory environment and the long-term profitability of shallow-water Gulf blocks. The Kan resource upgrade to 500 million barrels reinforces the view that Mexico’s private oil opening still offers substantial upside, even as some international majors exit.
Carso’s strategy—buying into proven discoveries like Kan, Zama, and Ichalkil, while maintaining close operational ties to Pemex—provides a useful benchmark. It shows that large Mexican conglomerates are filling the gap left by departing foreign firms, potentially stabilizing investment flows in a sector that accounts for a significant share of the country’s fiscal revenue and energy supply.
Frequently Asked Questions
What exactly did Grupo Carso buy from TotalEnergies?
Grupo Carso reached a binding agreement to acquire TotalEnergies’ entire 30% stake in Block 30, a shallow-water oil and gas block in the Gulf of Mexico. The purchase was made through a subsidiary of Zamajal, Carso’s hydrocarbons unit.
Who operates Block 30 after the deal?
Harbour Energy will remain the operator and majority owner with a 70% stake after the transaction closes. Grupo Carso will hold the other 30% and will not assume operational control.
Why is Slim buying into offshore oil blocks now?
Since 2013, Mexico’s energy reform has allowed private companies to participate in oil exploration and production. Carlos Slim is building a broad Gulf of Mexico portfolio—including assets like Zama, Pokoch-Ichalkil, Lakach, and now Block 30—investing over US$2.5 billion to capture value in a sector where many international giants are scaling back.
Sources: Infobae: Carlos Slim adquiere empresa petrolera y aumenta su participación en el Golfo de México, Reuters: Carso acuerda comprar participación de TotalEnergies en aguas someras del Golfo de México, El Economista: Carso acuerda comprar participación de TotalEnergies en aguas someras del Golfo de México, GlobalEnergy: Harbour Energy eleva su estimación en el descubrimiento Kan, México, El País: Carlos Slim compra parte de la empresa que explora el megayacimiento petrolero Zama, Bloomberg Línea: Slim profundiza interés en el petróleo mientras gigantes abandonan México
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