Carlos Slim’s Grupo Carso has completed the acquisition of Fieldwood Mexico, securing full ownership of the Ichalkil and Pokoch oil fields in the Southeast Basin. The move follows its June 2024 purchase of Petrobal Operaciones Upstream, which held the remaining 50% stake in the same contract area. With this consolidation, Grupo Carso now controls 100% of one of Mexico’s most productive private upstream assets, positioning Slim among the top four private oil producers in the country.
The Ichalkil and Pokoch fields, governed under contract CNH-R01-L02-A4/2015, produced 11,451 barrels per day of liquid hydrocarbons and 21.43 million cubic feet per day of gas as of January 2025. This output represented 13% of private-sector oil production and 14.5% of private gas production at that time. Only three other private contracts—operated by ENI, Hokchi Energy, and Perenco—currently yield higher volumes. Grupo Carso’s energy subsidiary Zamajal projects that production at Ichalkil and Pokoch could exceed 25,000 barrels per day by 2026, though this would mark a significant recovery from recent declines.
Indeed, field performance has been uneven. After averaging 20,000 barrels per day in 2022, output fell to 12,200 in 2023 and further to 9,800 in 2024. The rebound forecasted by Grupo Carso will depend on successful investment in enhanced recovery and operational efficiency. The acquisition still awaits regulatory clearance from Mexico’s antitrust authority and energy ministry, as well as approval from the U.S. Treasury’s Office of Foreign Assets Control (OFAC), given Fieldwood’s U.S. ties.
Private capital is quietly reshaping Mexico’s upstream sector through consolidation rather than greenfield expansion.
Slim’s upstream ambitions extend beyond these mature fields. Grupo Carso also holds an 80% stake in Talos Mexico, which owns 17.4% of the Zama field—one of the largest shallow-water discoveries globally in recent years. While commercial production has yet to begin, Zama is estimated to contain over 600 million barrels of oil equivalent. According to projections from Mexico’s oil revenue fund, peak output could reach 151,000 barrels per day by 2032, generating over $31 billion for the state across the project’s lifespan.
These acquisitions signal a broader trend: the reconfiguration of Mexico’s upstream landscape through private capital consolidation. The Ichalkil-Pokoch block was awarded during the 2015 licensing round following the country’s landmark energy reform. As some early entrants exit or restructure, domestic investors like Grupo Carso are stepping in to assume full operational control—often at a discount to initial development costs.
This stands in contrast to the trajectory of Pemex, whose declining production and financial constraints have limited its ability to invest in new exploration or maintain output at mature fields. While Pemex remains dominant in overall national production, its relative weight is shrinking as private operators gain ground in specific high-yield areas. Whether this shift continues will depend not only on market dynamics but also on future policy direction. A less favorable regulatory climate could slow or reverse private sector gains.
For now, Slim’s strategy underscores how legacy capital is adapting to Mexico’s post-reform oil regime. By consolidating producing assets and securing stakes in long-term plays like Zama, Grupo Carso is positioning itself as a durable player in a sector where public investment is increasingly constrained.
