The Mexican company Grupo Carso, owned by billionaire Carlos Slim, has agreed to buy Fieldwood Mexico, which owns shares in the Ichkal and Pokoch fields, from Lukoil, the group said in a statement. The completion of the deal requires approval from Mexican and US authorities.
The deal is worth 270 million USD, and the company will also repay 330 million USD of debt. This amount and the terms of payment are subject to adjustment upon closing of the deal. Zamajal, a Grupo Carso company, has signed a binding agreement with Lukoil International Upstream Holding and Lukoil International Holding GMBH to acquire 100% of Fieldwood Mexico, subject to the fulfillment of a number of conditions, including the receipt of agreements.
The acquisition is subject to approval by Mexican authorities, including the National Antimonopoly Commission and the Ministry of Energy. Direct approval from the Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department is also required.
Fieldwood Mexico is the operator and 50% owner of the Ichalkil and Pokoch fields (Block 4) offshore the state of Campeche in the Gulf of Mexico. Since 2024, Zamajal, a member of Grupo Carso, has owned Petrobal Upstream Delta 1, which holds the remaining 50% in Block 4.
The deal will allow Grupo Carso not only to gain control of the project, but also to reaffirm its commitment to the hydrocarbon production sector in Mexico, the statement said.
Lukoil concluded the deal to acquire a 50% operating interest in Block 4 in February 2022 for USD 435 million, plus actual costs incurred from January 1, 2021 to the project completion date of approximately USD 250 million. Production from the project began in the fourth quarter of 2021. Block 4 includes two blocks with a total area of 58 square kilometers. The block, located 42 km offshore in the Gulf of Mexico, contains two oil fields – Ichalkyl and Pokoch - with recoverable hydrocarbon reserves of 564 million barrels of oil equivalent, more than 80% of which is oil. Block 4 is being developed under a production sharing agreement signed in 2016 for a period of 25 years with the possibility of extension for up to 10 years.