Petróleos Mexicanos awarded a mixed contract for the onshore Macavil field to a firm controlled by Carlos Slim, sources told Reuters. The deal aims to produce 27.5 million barrels of oil and 393 billion cubic feet of gas by 2045. It bolsters Slim's foothold in Mexico's energy sector.
State-owned Petróleos Mexicanos (Pemex) recently awarded a mixed contract for developing the onshore Macavil field, located in southern Mexico, to a company controlled by billionaire Carlos Slim. Three sources with knowledge of the matter confirmed the deal to Reuters, which did not disclose the firm's name or contract value, signed last week.
Under this mixed contract model, Pemex retains at least 40% stake in the project. Macavil holds proven reserves of 7 million barrels of condensate and 73 billion cubic feet (bcf) of gas, plus possible reserves of 34 million barrels of condensate and 409 bcf of gas. The goal is total output of 27.5 million barrels of oil and 393 bcf of gas by 2045, with a projected peak of 14,000 barrels per day of crude in 2028, per Pemex's strategic plan.
The contract follows five similar deals awarded by Pemex in mid-December. It marks Slim's latest foray into the energy sector, deepening ties with the debt-laden state oil firm. In September, Slim's Grupo Carso funded drilling of up to 32 wells at the Ixachi field. His companies also partner with Pemex and Harbour Energy on the offshore Zama field, and in 2024 signed a pact for the deepwater Lakach project. In mid-January, Carso bought a Lukoil subsidiary to gain full control of the Ichalkil and Pokoch fields.
The deal aligns with Pemex's push to cut reliance on U.S. fuel imports. President Claudia Sheinbaum touted Pemex's recovery, with eight refineries operating and gasoline output at a decade-high. Gasoline and diesel imports fell to a 16-year low. In 2025, Pemex reported debt at an 11-year low, improved credit rating, and higher productive investment to bolster energy sovereignty.
