Pemex mixed contracts bring private firms back to fields

Mexico’s state-owned oil company Pemex has begun awarding a series of “mixed development contracts” to private companies as part of its strategy to increase hydrocarbon production and attract investment. 

One of the most prominent deals involves Grupo Carso, the conglomerate controlled by billionaire Carlos Slim, which confirmed a contract to develop the Macavil onshore gas field in southern Mexico.

But Grupo Carso is not the only company entering this new phase of collaboration with Pemex. 

Several other Mexican energy firms have also secured contracts to operate and develop mature oil and gas fields across the country.

Grupo Carso and the Macavil gas field

Grupo Carso confirmed the signing of a joint development agreement with Pemex to exploit the Macavil field, located in Huimanguillo, Tabasco. 

The project will focus on producing condensate and natural gas, two hydrocarbons that are increasingly important to Mexico’s energy balance.

According to the company’s quarterly report, the field contains proven (3P) reserves of approximately 33.7 million barrels of condensate and 409.1 billion cubic feet of natural gas, according to Reuters. 

Development will be carried out through Zamajal, a subsidiary of Grupo Carso.

Under the terms of the mixed contract model, Pemex will retain at least a 40% stake in the field, while the private partner provides capital investment and operational support. 

The first production results from Macavil are expected around 2027, once technical studies and development plans are completed.

For Slim, the agreement reinforces a broader strategy to expand his footprint in the Mexican energy sector. 

In recent years, companies linked to Grupo Carso have also been involved in projects such as Lakach, Ixachi, and the Zama offshore development, positioning the conglomerate as one of the most influential private partners of Pemex.

Other companies awarded Pemex contracts

Beyond Grupo Carso, Pemex has awarded several other mixed contracts to domestic energy companies as part of a broader effort to revive production from mature fields.

Consorcio 5M del Golfo

One of the biggest winners is Consorcio 5M del Golfo, the consortium secured three contracts to operate the following fields:

• Tamaulipas–Constituciones

• Sini–Caparroso

• Madrefil–Bellota

These projects have development periods ranging from 10 to 20 years and target the production of heavy crude and wet gas.

Geolis

Another contract was awarded to Geolis, a Mexican oilfield services and production company with operations in Tamaulipas, Veracruz, Tabasco, and Campeche.

Geolis will develop the Cuervito field under a 20-year agreement, with production expected to focus primarily on wet gas resources.

Petrolera Miahuapán

Pemex also awarded a development contract to Petrolera Miahuapán, a Mexican exploration and production company headquartered in Poza Rica, Veracruz.

The company will operate the Agua Fría field for 20 years, where the project is expected to recover roughly:

• 102.9 million barrels of heavy crude oil

• 151.1 million cubic feet of wet gas

The field represents one of the larger oil-weighted projects in the current package of contracts.

Pemex mixed contracts bring private firms back to fields