Carlos Slim Strikes $2 Billion Deal With Pemex To Drill Veracruz Gas Field

Carlos Slim, Latin America’s richest man, has signed a $1.99 billion deal with Mexico’s state oil company Pemex to drill up to 32 wells in the Ixachi field in Veracruz.

The project, set to unfold over three years, could become one of the most important bets on Mexico’s troubled energy sector in decades. Ixachi is no small prize.

The field already produces about 93,000 barrels of oil and 715 million cubic feet of gas per day — equal to roughly 236,000 barrels of oil equivalent. By early 2027, Carso, Slim’s conglomerate, expects at least 12 of the new wells to be producing.

Pemex, strapped for cash and weighed down by nearly $100 billion in debt, will only begin paying Slim’s companies once oil and gas revenues from Ixachi start flowing.

The story behind the story is Pemex itself. Once a symbol of Mexican pride, it has seen production fall to its lowest levels in 40 years. Successive governments have poured money into keeping it afloat, but private investment has been scarce.

Slim stands out as one of the few willing to risk capital and reputation on Pemex, positioning himself as its most important private partner.

He has already invested in other major projects, such as the Lakach deepwater gas field and the Zama oil discovery in the Gulf. For President Claudia Sheinbaum, who has promised to make Pemex financially self-sufficient by 2027, the deal offers a lifeline.

It provides expertise and funding without ceding ownership of Mexico’s reserves, a politically sensitive issue in a country where oil has long symbolized sovereignty.

For outsiders, the message is clear: Mexico is still rich in resources, but unlocking them requires private money and know-how that the state company cannot muster alone. Slim’s bet is as much about business as it is about national energy security.

If Ixachi succeeds, it could ease Mexico’s reliance on U.S. gas imports and restore some credibility to Pemex. If it fails, it will underline just how deep the company’s problems run.