Carlos Slim signed a US $1.991 billion contract to drill wells over the next three years for Mexico’s state-owned oil and gas firm Petróleos Mexicanos (Pemex). 

Under the terms of the agreement signed on Sept. 29, Slim’s Grupo Carso will exploit up to 32 onshore wells in the Ixachi field in the Gulf Coast state of Veracruz.

This field — described by the news agency Reuters as one of the most important finds in more than a quarter of a century — is currently producing around 93,000 barrels of oil per day and 715 million cubic feet of gas.

The newspaper El País reported that, to date, a total of 28 wells have been drilled in Ixachi to an average depth of 7,650 meters, with Grupo Carso participating through subsidiaries.

The agreement reflects President Claudia Sheinbaum’s desire to nudge Pemex — a net energy importer — toward self-sufficiency by seeking more private partnerships to support the world’s most-indebted energy company. Pemex has a financial debt of US $98 billion and owes suppliers more than US $20 billion.

Two months ago, Sheinbaum unveiled her 10-year strategic plan for the oil company. Private investors are expected to play a critical role, allowing Pemex to leverage joint venture projects to increase the exploration and exploitation of hydrocarbons and natural gas.

Echoing this strategy, Carso said in a statement sent to the Mexican Stock Exchange (BMV) that the purpose of the agreement is “to contribute to a substantial increase in oil and gas production.”

According to the contract, Pemex will make 21 monthly payments for the drilling of these financed wells beginning in January 2027, provided 12 wells are in production. If all 32 wells are producing by the end of three years, Carso can earn the entire US $1.991 billion.

The newspaper Milenio reported that “the source and payment mechanism for the contract will be through the revenue obtained from marketable hydrocarbons from the allocation itself.”

With more than 18 years of experience in onshore and offshore drilling, as well as platform construction services, Grupo Carso boasts a highly qualified workforce.

Additionally, Carso has 19 land drilling rigs of various sizes and three offshore drilling rigs, including a platform and two state-of-the-art semi-submersibles.

Slim and Pemex were in talks about Ixachi as far back as March. At the time, the news agency Reuters reported that Talos México, in which Slim is a majority investor, was in advanced discussions with Pemex and London-based Harbour Energy to jointly operate Zama, a deepwater project in the Gulf of Mexico.

Last year, Slim and Pemex agreed to develop Mexico’s first deepwater natural gas field, Lakach, which had been abandoned twice before because of high cost.

With reports from El País, El Financiero, Milenio and Reuters