Grupo Carso Signs Up-to-$1.99B Pemex Ixachi Deal

Carlos Slim’s Grupo Carso has signed an up-to-$1.99 billion deal with state oil company Pemex to finance drilling of up to 32 wells at the Ixachi field in Veracruz over three years, with payments scheduled to begin in January 2027 and at least 12 wells expected to be producing by early 2027. Ixachi currently produces roughly 93,000 barrels of oil and 715 million cubic feet of gas per day (about 236,000 barrels of oil equivalent), making it one of Mexico’s most important onshore deposits. Carso will carry out the work through subsidiaries including GSM Bronco SA and MX Dlta NRG 1 SA and has previously invested in Pemex-linked projects such as Zama, Quesqui and the Lakach deepwater field. The deal signals growing private-sector participation to help a heavily indebted Pemex—carrying roughly $100 billion in debt and production at a 40-year low—and is structured to boost output without transferring ownership of reserves. If successful, the project could reduce Mexico’s reliance on U.S. gas imports and help restore investor confidence; if it fails, it will underscore Pemex’s operational and financial challenges.