Grupo Carso, owned by Mexican billionaire Carlos Slim, is set to expand its oil portfolio significantly. The company agreed to acquire Lukoil’s subsidiary, Fieldwood Mexico, which operates the Ichalkil and Pokoch oil fields located off the coast of Campeche in the Gulf of Mexico.
Details of the Acquisition
The acquisition deal, announced on Monday, is valued at US $270 million. Additionally, Grupo Carso will assume US $330 million in debt that Fieldwood owes to its parent company. This acquisition grants Carso full control over Fieldwood Mexico, which holds a 50% stake in the lucrative Ichalkil and Pokoch fields.
Understanding the Fields
- Location: Gulf of Mexico
- Field Ownership: Fieldwood Mexico (50%) and Mx Dlta NRG 1 (50%)
- Contract Area: Contract Area 4
Grupo Carso has extensive experience in onshore and offshore drilling, as well as platform construction, spanning over 18 years. The company’s subsidiary, Zamajal, has entered into a binding agreement to acquire the full share capital of Fieldwood Mexico from Lukoil.
Regulatory Approval Needed
This acquisition is subject to approvals from several regulatory bodies. Mexico’s National Antimonopoly Commission and the Energy Ministry must sanction the deal. Furthermore, the U.S. Office of Foreign Assets Control must provide clearance, especially considering the sanctions imposed on Russia’s energy sector.
Strategic Expansion Plans
The deal is a strategic move in Slim’s broader objective to strengthen his oil portfolio. It complements existing contracts with Pemex worth over US $6.4 billion, which include operations in key fields like Lakach and Ixachi.
By acquiring Fieldwood Mexico, Grupo Carso positions itself to have 100% ownership of the Ichalkil and Pokoch oil fields, should the necessary approvals be granted. This reflects the conglomerate’s commitment to deepening its presence in the energy sector.
Grupo Carso is recognized as one of Latin America’s leading conglomerates, managing a diverse range of enterprises across various sectors, including commercial, communications, industrial, and consumer markets. This strategic acquisition marks a significant milestone in its growth trajectory.
