Carlos Slim’s Strategic Bet: How Mexico’s Richest Man Is Reshaping Pemex’s Future

Carlos Slim, Mexico’s wealthiest businessman, is quietly becoming a central figure in the country’s energy sector.

Official company statements and regulatory filings confirm that Slim’s Grupo Carso is negotiating with Pemex, Mexico’s state oil company, to finance and develop two of the nation’s most important oil and gas fields: Zama and Ixachi.

Zama sits in the Gulf of Mexico and holds an estimated 600 to 800 million barrels of oil equivalent. Pemex currently owns just over half of Zama, while Talos Mexico (in which Grupo Carso owns 49.9%) and Harbour Energy own the rest.

Developing Zama will require $4.5 billion. Grupo Carso could cover Pemex’s share of that investment, according to official negotiations and company disclosures. Ixachi, located in Veracruz, is one of Pemex’s most significant gas discoveries in decades.

Grupo Carso’s involvement aims to boost domestic gas production and reduce Mexico’s reliance on imports. Slim’s companies will provide capital and technology for extraction and processing, allowing Pemex to expand without taking on more debt.

This is crucial, as Pemex faces severe financial constraints and a declining production trend. Slim’s recent $1.2 billion investment in the Lakach deepwater gas field, also in the Gulf of Mexico, further highlights his growing energy ambitions.

Grupo Carso will build onshore facilities to process gas and condensates, while Pemex retains ownership of the reserves. The Lakach project, set to begin production by 2026, could become a model for future public-private partnerships in Mexican energy.

Slim’s energy strategy stands out because he invests at a time when most foreign and domestic players avoid Pemex. Official data shows that Pemex’s budget for 2025 will be $22.75 billion, down 7.5% from the previous year.

Analysts warn that this tight budget makes it hard for Pemex to maintain, let alone increase, production. Mexico’s crude output has steadily declined for decades, with only recent private sector involvement helping stabilize numbers.

Grupo Carso’s entry comes as other firms exit. In 2023, Pemex canceled a similar deal with New Fortress Energy. President Andrés Manuel López Obrador publicly praised Slim’s investments, emphasizing that these deals keep energy assets in Mexican hands.

Incoming president Claudia Sheinbaum also supports private investment in energy, provided the state remains in control of resources. Slim’s approach is pragmatic. He brings capital, technical expertise, and a willingness to share risk with Pemex.

By focusing on infrastructure and technology, his companies aim to make extraction more efficient and safer. If successful, these projects could help stabilize Mexico’s energy supply, reduce import dependence, and support the country’s economic growth.

Official sources confirm that Slim’s investments mark a shift in how Mexico manages its energy sector. By leveraging private capital without ceding state control, Pemex gains a lifeline while Slim expands his business empire into a vital industry.

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