Mexico Energy Monitor

June 07, 2023

Grupo Carso buys US$bn stake in Zama

• The oil-rich Zama field 63.5km off the coast of Tabasco state has a new stakeholder with Grupo Carso striking a deal with Talos Energy to acquire a minority share in the project for US$124.75 million over time. The agreement entails Carso subsidiary Zamajal picking up 49.9% of the capital stock of Talos’ Mexican subsidiary (Talos Energy México 7).

• This implies a valuation of at least US$250 million for Talos’ 17.4% stake in Zama, with the possibility of increasing to US$262.5 million, if certain objectives are met, which were not detailed in the May 25 announcement, but which are related to the development of the oil play.

• Talos’ release added, “US$74.85 million will be paid at closing, with the remaining $49.90 million due at first production.”

• By selling the stake to Carso, the industrial conglomerate owned by Mexican billionaire Carlos Slim, Talos has become the latest in a wave of private divestment in Mexico’s energy sector.