Carlos Slim’s Oil Company Buys Stake in Talos Energy’s Mexican Subsidiary

Mexico City — US Oil company Talos Energy has completed the sale of a 49.9% stake in its subsidiary Talos Mexico to Zamajal, a subsidiary of Grupo Carso, the conglomerate controlled by the family of Mexican billionaire Carlos Slim Helú.

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How Mexico’s Carlos Slim Has Expanded His Oil Interests During AMLO’s Term

The Mexican billionaire has bought a stake in oil company Talos, which has a participation in the country’s most controversial oil block

Talos received $74.8 million in cash at the close of the transaction, with $49.9 million due upon first oil production for an aggregate price of $124.7 million, the US oil company said in a statement.

Talos Mexico holds a 17.4% interest in the Zama offshore field that it shares with Mexico’s state-owned oil company Pemex, and which will operate the field after years of dispute with the US company directed by Timothy Duncan.

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Exclusive: Chevron to Exit Mexico’s Oil E&P Sector

The US oil giant has returned the only area it had been awarded in the Gulf of Mexico in which it was carrying out oil and gas exploration

The stake sale had been announced in May 2023.

Pemex and the private consortium headed by Talos will spend $9 billion on the development of the Zama field, which will begin production during 2025 and is expected to reach its peak production of 180,000 barrels of oil per day in 2029.

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Mexico’s Bachoco Suspends IPO as Minor Stakeholders Squabble Over Share Price

The poultry giant’s initial public offering has been blocked by minority shareholders amid controversy over the proposed share price