Slim’s Growing Influence in Mexico’s Oil Exploration

Carlos Slim, a prominent Mexican businessman, has recently increased his investments in Mexico’s largest oil exploration project.

After his corporate empire acquired a stake in a related company, Slim’s investment firm, Control Empresarial de Capitales, poured about $327 million into Talos Energy and Harbour Energy.

This investment, spread over several transactions since October, shows Slim’s deepening involvement in the sector.

In a significant move, Slim’s Grupo Carso SAB acquired a minority stake in a Talos Energy unit.

This purchase allowed Slim to participate in the Zama oil field, a key energy project in Mexico.

The Zama oil field, discovered in 2017, is a significant offshore oil discovery in the Gulf of Mexico.

Talos Energy and Harbour Energy hold stakes in Zama, underlining the importance of the project.

Arturo Elias Ayub, Slim’s spokesperson, and son-in-law, confirmed their partnership with Talos in the Zama field.

Ayub’s statement reflects Slim’s 15-year history in the oil industry, showcasing his long-term commitment to this sector.

The recent investments in Talos and Harbour were made for financial reasons. This strategy aligns with Slim’s broader investment approach, focusing on lucrative and strategic opportunities.

With a fortune primarily built through América Móvil, Slim is expanding his energy investments during industry changes in Mexico.

América Móvil operates as a leading telecommunications company in Latin America and other regions.

President Andrés Manuel López Obrador’s policies emphasize government control of key energy assets, creating a dynamic investment environment.

Slim’s wealth saw a significant increase

This year, Slim’s wealth saw a significant increase, partly due to the rising Mexican peso.

His diverse business portfolio, spanning from construction to retail, contributed to this growth.

Slim’s family investment firm first revealed a stake in Talos in August, later doubling it to 12.2%.

They also became a shareholder in Harbour Energy, holding a 5.1% stake. These moves signify Slim’s expanding influence in the energy sector.

Slim and his family also maintain a majority stake in PBF Energy, showing their continued interest in the oil refinery industry.

Slim’s conglomerate shares about a 17% stake in the Zama field, while Harbour Energy and Germany’s Wintershall Dea also have significant shares.

Petróleos Mexicanos, the state energy company, holds the majority in the Zama project, which is set to contribute significantly to Mexico’s oil production.

Slim’s increasing investments in this sector reflect his strategic positioning in the evolving energy landscape of Mexico.