Grupo Carso, owned by Mexican billionaire Slim, confirms Pemex's contract with Macavil Gas Field

Grupo Carso, owned by Mexican billionaire Carlos Slim, confirmed on Tuesday that it had signed an agreement with the state-owned energy company Pemex for the 'development of onshore Macavil in southern Mexico. The contract focuses on natural gas and condensate.

Last week, it was reported that Pemex - which requires large amounts of capital to boost production -?had given the contract for Macavil, to a firm?owned? by Slim.

Slim has been strengthening his presence in the local energy industry and his relationship to Pemex over the past few years. This is part of a broader business empire, which includes telecommunications and infrastructure, as well as consumer goods.

In its quarterly report, Grupo Carso stated that "a joint venture contract has been signed for the development onshore Macavil Field. This field contains 33.7 million barrels (3P) of?condensate reserves and 409.1 Billion cubic feet of natural Gas."

An executive from Grupo Carso told analysts during a earnings call that the first results of Macavil would be expected in 2027. However, some studies needed to be completed.

The contract for Macavil signed by Grupo Carso’s Zamajal subsidiary guarantees that?Pemex will have at least a 40 percent stake in the oil field discovered in 2024. (Reporting and Editing by Stefanie Eschenbacher and Peter Graff.)

(source: Reuters)