Grupo Carso Nabs Role in Gulf of Mexico's Zama Field

---

Researched by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Mexican conglomerate Grupo Carso SA de CV (Mexico City, Mexico), headed by the family of billionaire Carlos Slim, has acquired a minority stake in energy company Talos Mexico (Lafayette, Louisiana), through which Grupo Carso will control part of the offshore Zama Field. The field, which is located in southern Mexico's Bay of Campeche, recently was approved by Mexican regulators for development.

Carso Group acquired 49.9% of Talos Mexico, which is a subsidiary of Talos Energy Incorporated (NYSE:TALO) (Houston, Texas). The deal's closure is expected to take place in the third quarter, as it requires approval by authorities.

Talos Mexico owns a 17.4% stake in the Zama Field, which holds recoverable reserves of between 735 million and 950 million barrels of oil equivalent. The Zama Field, which was discovered in 2017, is regarded as one of the most promising spots in the Mexican energy market, attracting much attention from the government and a variety of industry players.

Nevertheless, tensions emerged last year with Petroleos Mexicanos (Pemex) (Mexico City) over who should be the field operator. Eventually, the authorities named Pemex as operator.

Developing this asset could help Pemex boost its oil production, which has decreased considerably in the past few years.

"We are thrilled to partner with Grupo Carso," said Timothy Duncan, the chief executive officer of Talos Energy. "Our relationship dates back to the 2015 offshore lease sales in Mexico. As we accelerate our recent momentum and advance Zama toward [a final investment decision] and first production, we are confident that Carso is the right partner at the right time. Carso's investment is a testament to the economic potential of Zama, and the joint venture will also benefit from Carso's critical presence in Mexico and global commercial experience."

Mexican President Andres Manuel Lopez Obrador, for his part, welcomed Grupo Carso's involvement in the Zama Field in a press conference.

The National Hydrocarbons Council (CNH) approved the Zama development plans last week, granting a green light for its construction.

The companies involved in the project will invest more than $9 billion in its development between 2023 and 2045. About half of the amount will be part of the initial investments, while the other half will be set aside for operational costs.

The Zama Field is expected to start producing oil by December 2025, until it reaches its maximum production of 180,000 barrels per day of oil and 70.3 billion cubic feet of natural gas by 2029.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).