The state-owned company Petróleos Mexicanos (Pemex) awarded a contract for the development of the Macavil onshore field to a firm controlled by businessman Carlos Slim, according to sources close to the operation. This agreement, signed last week, is carried out under the new mixed contract model, where Pemex retains at least 40% participation in the association.
The Macavil field, located in southern Mexico, is one of the state-owned oil company’s most ambitious bets in its joint production strategy with the private sector. This field contains proven reserves of 7 million barrels of condensate and 73 billion cubic feet (bcf) of gas. It also has possible reserves of 34 million barrels and 409 bcf of gas.
Projected production to the year 2045
According to project documents, the objective of the contract is to reach a total production of 27.5 million barrels of oil and 393 bcf of gas by 2045. Pemex’s strategic business plan foresees that maximum production at Macavil will reach 14 thousand barrels per day in 2028.
This contract is in addition to 5 others awarded in December 2023 under the same scheme. Although it was planned to award 11 during that year, interest has been moderate and has failed to attract the attention of large international oil companies. international oil majors..
Slim continues his expansion in the energy sector
Businessman Carlos Slim’s participation in Mexican energy projects has been increasingly frequent. Through Grupo Carso and other affiliated companies, Slim has consolidated a close relationship with Pemex, with collaborations such as
- The financing of up to 32 wells in the onshore Ixachi field, considered the largest known gas field in Mexico.
- Its participation in the Lakach deepwater project, although it is currently in the evaluation phase.
- Alliances with Talos Mexico, Pemex and Harbour Energy in the Zama offshore field.
- The acquisition of a subsidiary of Lukoil, with which Slim took full control of the Ichalkil and Pokoch fields.
Pemex opts for a mixed model to attract investment
With the implementation of mixed contracts, Pemex seeks to share risks and costs without ceding majority control of the projects. This model represents an alternative to face the budgetary limitations of the company, which maintains high levels of indebtedness.
In this context, private sector figures with infrastructure experience such as Slim have proven to be key allies in the execution of energy projects.
Source: Reuters
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