A company controlled by Mexico’s richest man, Carlos Slim, will invest $1.2 billion in developing a natural gas field in the Gulf of Mexico.
The field is expected to start production in 2026, according to Bloomberg. Grupo Carso, Slim’s company, will partner with state oil major Pemex on the Lakach gas project. Pemex will retain ownership of the field and its reserves, while Grupo Carso will build the infrastructure needed to process the extracted gas.
This partnership aligns with the government’s goal of returning control over the country’s natural resources to the state. President-elect Claudia Sheinbaum has indicated she is open to more public-private partnerships in oil and gas but emphasized that the resources belong to the Mexican people.
Carlos Slim, the owner of Grupo Carso, has been expanding his presence in the oil and gas sector. He believes now is an opportune time for Mexico to increase activity in this sector due to growing tensions between the United States and China, which could attract more investment to Mexico.
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Last month, the Mexican National Hydrocarbons Commission reported that the nation’s total proven hydrocarbon reserves, which include both crude oil and natural gas, had risen to 8.383 billion barrels of crude oil equivalent. This increase marks a significant development in the annual reserves data.
These reserves are held by state energy giant Pemex and other entities that entered the market following Mexico’s energy reforms under the previous government led by Enrique Pena Nieto. These reforms aimed to bring in new technology, expertise, and investment to revitalize the sector. Pemex, traditionally dominant in the Mexican energy landscape, regained its dominance under President Lopez Obrador. Now, it operates alongside international players who have introduced fresh capital and advanced extraction methods. However, under Lopez Obrador, the participation of international companies has been significantly reduced as the government seeks to support Pemex as much as possible.