Mexican billionaire Carlos Slim's Grupo Carso confirmed that it had signed a contract with state energy company Pemex to develop the onshore Macavil field in southern Mexico, focusing on condensate and natural gas.
Reuters reported last week that Pemex, which needs large amounts of investment to boost production, had awarded the contract for Macavil to a company owned by Slim.
In recent years, Slim has strengthened his presence in the local energy sector and his relationship with Pemex, adding to a business empire that also encompasses sectors as diverse as telecommunications, infrastructure and consumer goods.
"A joint venture contract was recently signed for the development of the onshore Macavil field, which has proven (3P) reserves of 33.7 million barrels of condensate and 409.1 billion cubic feet of natural gas," Grupo Carso said in its quarterly results report.
Grupo Carso expects first results from Macavil in 2027, though some studies still needed to be completed, an executive told analysts during an earnings call.
The contract for Macavil, signed by Grupo Carso's Zamajal subsidiary, guarantees Pemex at least a 40% stake in the field, which was discovered in 2024.
