Billionaire Acquires Stake in Mexico’s Mega Oil Field
A Mexican billionaire has acquired a stake in a massive oil field in the Gulf of Mexico from Talos Energy LLC. The deal, which was announced on May 25th, 2023, is estimated to be worth $1.3 billion.
Background of the Deal
The oil field, known as Zama, is located in the shallow waters of the Gulf of Mexico, off the coast of the Mexican state of Tabasco. It is estimated to contain between 1.4 and 2 billion barrels of oil. Talos Energy, a Houston-based oil and gas exploration and production company, had acquired the rights to the field in 2017.
The deal between Talos and the Mexican billionaire, Carlos Slim, was announced on May 25th, 2023. Slim is the world’s second-richest person, with a net worth of $74.2 billion. He is the founder and chairman of Grupo Carso, a Mexican conglomerate that includes telecommunications, retail, and construction companies.
Terms of the Deal
Under the terms of the deal, Slim’s company, Grupo Carso, will acquire a 40% stake in the Zama oil field from Talos Energy. The remaining 60% will be held by Talos. Grupo Carso will pay $1.3 billion for the stake, which includes $600 million in cash and $700 million in future payments.
The deal is subject to approval by the Mexican government. If approved, Grupo Carso will become the operator of the Zama field. Talos will remain as a partner in the project, and will continue to provide technical and operational support.
Implications of the Deal
The deal is significant for both Talos and Grupo Carso. For Talos, it is a major step forward in its strategy to become a major player in the Mexican oil and gas industry. The company has been active in the country since 2017, when it acquired the rights to the Zama field.
For Grupo Carso, the deal is a major expansion of its oil and gas business. The company has been involved in the Mexican energy sector since the 1990s, but this is its first foray into the offshore oil and gas industry.
Reaction to the Deal
The deal has been met with enthusiasm by both Talos and Grupo Carso. Talos CEO Timothy Duncan said in a statement that the deal is a “milestone” for the company and a “significant step” in its strategy to become a major player in the Mexican oil and gas industry.
Grupo Carso CEO Arturo Elías Ayub said in a statement that the deal is a “strategic move” for the company and a “great opportunity” to expand its presence in the Mexican energy sector. He added that the company is “confident” that the deal will be approved by the Mexican government.
Future of the Zama Oil Field
The Zama oil field is expected to be a major source of revenue for both Talos and Grupo Carso. The field is estimated to contain between 1.4 and 2 billion barrels of oil, and is expected to produce up to 100,000 barrels of oil per day.
The deal is also expected to create jobs in the region. Talos and Grupo Carso have both committed to investing in the local economy and creating jobs in the area.
Conclusion
The deal between Talos Energy and Grupo Carso is a major step forward for both companies. Talos is expanding its presence in the Mexican oil and gas industry, while Grupo Carso is entering the offshore oil and gas industry for the first time. The Zama oil field is expected to be a major source of revenue for both companies, and is expected to create jobs in the region.