Grupo Carso Acquires Lukoil's Fieldwood Mexico, Gaining Control of Key Offshore Oil Fields

Grupo Carso, owned by Mexican billionaire Carlos Slim, has finalized an agreement to purchase Lukoil’s Fieldwood Mexico subsidiary for $270 million. This acquisition includes the assumption of approximately $330 million in debt associated with Fieldwood Mexico, bringing the total financial commitment to nearly $600 million. The deal grants Carso complete control over the Ichalkil and Pokoch oil fields located off the coast of Campeche, Mexico. Fieldwood Mexico, which holds a 50% stake in these offshore fields, will now operate under Carso's subsidiary, Zamajal. The transaction is pending approval from Mexico’s National Antimonopoly Commission, the Energy Ministry, and the U.S. Office of Foreign Assets Control, which has imposed sanctions on Russia's energy sector.

Slim adds 2 Russian fields in the Gulf of Mexico to his expanding oil portfolioThe Rio Times

This acquisition is part of a broader strategy by Slim to expand his influence in Mexico's oil sector, which has been facing significant challenges. With Pemex, Mexico's state-owned oil company, burdened by a debt of approximately $100.3 billion as of September 30, 2025, the need for private capital has become increasingly critical. Slim's investment in offshore oil assets has exceeded $2.4 billion, reflecting a shift towards private partnerships to sustain drilling and gas operations. The deal also underscores a geopolitical shift, as Russian firms like Lukoil retreat from the market due to escalating sanctions.

The Rio TimesSlim adds 2 Russian fields in the Gulf of Mexico to his expanding oil portfolio

Critics argue that the reliance on private capital, exemplified by Slim's acquisition, indicates a failure of state-owned enterprises like Pemex to manage their operations effectively. The financial struggles of Pemex have led to a practical necessity for partnerships with private entities, which some view as a compromise of national sovereignty in the oil sector. This perspective highlights concerns about the long-term implications of increasing private control over Mexico's natural resources.

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Grupo Carso emphasized that the financial terms of the acquisition are subject to adjustments based on the closing conditions outlined in the contract. The company stated, “These figures and payment terms are subject to closing adjustments in accordance with the terms of the contract.” This statement reflects the complexities involved in finalizing the deal and the regulatory scrutiny it faces.

Slim adds 2 Russian fields in the Gulf of Mexico to his expanding oil portfolio

• “The message to markets is clear: Mexico is leaning on private execution to keep state priorities alive.” — Analyst, Riot Times Online

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• “This week it looked more like a balance sheet.” — Analyst, Riot Times Online

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As the acquisition awaits regulatory approval, the implications for both Grupo Carso and Pemex will be closely monitored. The outcome may set a precedent for future private-public partnerships in Mexico's energy sector, particularly as the country navigates the challenges posed by international sanctions and domestic financial pressures.

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