Mexican billionaire Slim consolidates Gulf of Mexico oil assets in $600mn Lukoil deal

Mexican billionaire Carlos Slim's Grupo Carso will acquire complete ownership of two Gulf of Mexico oil fields after agreeing to purchase Russian company Lukoil's remaining stake in a transaction valued at $600mn.

The conglomerate signed a binding agreement to buy 100% of Netherlands-registered Lukoil International Upstream Holding's subsidiary Fieldwood México, which operates the Ichalkil and Pokoch producing fields within Contract Area 4 off Campeche state's coast, El País and Upstream reported.

Grupo Carso will pay $270mn for Fieldwood México whilst assuming $330mn in debt the operator owes to Lukoil. The Mexican company already owns the fields' remaining 50% stake through its subsidiary Zamajal, acquired in June 2024.

The transaction follows US Treasury Department sanctions imposed on Lukoil in October 2025 for "lack of serious commitment to a peace process to end the war in Ukraine". These measures block international financing by preventing dollar-denominated transactions, prompting the Russian producer to sell foreign assets. Washington earlier in January extended the disposal deadline until February 28.

Despite widespread reported interest in Lukoil's vast overseas portfolio, the Russian company has sold few interests thus far. The Mexico purchase price, including debt, falls below the $685mn Lukoil paid US independent Fieldwood Energy for the 50% Contract Area 4 stake in July 2021.

Lukoil has reported recoverable reserves at Ichalkil and Pokoch totalling 564mn barrels of oil equivalent, over 80% petroleum. The acreage spans approximately 58 square kilometres in water depths between 35 and 45 metres, extracting roughly 8,300 barrels daily of oil and 15mn cubic feet daily of natural gas according to official figures.

Completion requires express authorisation from the US Treasury's Office of Foreign Assets Control (OFAC), plus approval from Mexico's National Antimonopoly Commission and Energy Secretariat. Payment terms and figures remain subject to closing adjustments under the purchase agreement.

Slim, whose fortune exceeds $114bn, has steadily expanded energy investments in recent years. Grupo Carso holds 80% of Talos México, which maintains a 17% stake in the Zama shallow-water discovery. Last September, the billionaire signed a $1.99bn contract with state petroleum company Pemex to drill thirty wells at the Ixachi natural gas field in Veracruz state. Previously, he committed over $1bn to revitalise the Lakach field, Mexico's first deep-water natural gas extraction project.

Whilst foreign oil companies paused Mexican projects during the previous administration, Slim secured multiple extraction service contracts with Pemex, the world's most indebted oil company carrying liabilities exceeding $100bn. Under President Claudia Sheinbaum's government, the América Móvil owner has doubled down on investments, pursuing petroleum and natural gas opportunities.

"With this transaction, Grupo Carso consolidates its majority and operational participation in said field, reaffirming its commitment in the hydrocarbon extraction sector in Mexico," the conglomerate stated in its Mexican Stock Exchange announcement.