Pemex Awards Macavil Gas Field Contract to Slim's Firm

Key Development

Mexican state-owned company Pemex has awarded a contract for the Macavil onshore gas and condensate field to a company controlled by billionaire Carlos Slim. The agreement follows a "mixed contract" model, where Pemex maintains a significant stake of at least 40%.

Situational Overview

The Macavil field, located in southern Mexico, holds proven reserves of 7 million barrels of condensate and 73 billion cubic feet of gas. This latest deal further solidifies Carlos Slim's growing presence in Mexico's energy sector, adding to his vast business empire in telecommunications and infrastructure.

Economic and Market Impact

The joint venture aims to produce 27.5 million barrels of oil and 393 billion cubic feet of gas by 2045, with peak crude output projected at 14,000 barrels per day in 2028. This partnership model is a key part of Pemex's strategy to attract private capital and boost national energy production.

Summary

This contract highlights the increasing collaboration between Pemex and major private sector players like Carlos Slim. It signals a strategic move to leverage private investment to develop Mexico's energy resources, positioning Slim as an influential figure in the industry's future.

FAQ

Q: What is the Macavil field?
A: It is an onshore gas and condensate field in southern Mexico with proven reserves of 7 million barrels of condensate and 73 billion cubic feet of gas.

Q: Why is this deal significant?
A: It expands Carlos Slim's influence in Mexico's energy sector and underscores Pemex's strategy of using private partnerships to increase production.

Source: Investing.com