Latin America’s richest person Carlos Slim. — Bloomberg
MEXICO CITY: Latin America’s richest person, Carlos Slim, is evaluating how to move forward with an ambitious deepwater gas-drilling project with Mexico’s state oil company, citing the technical challenges inherent in lifiting gas from under more than 900 metres of water.
While Slim’s Grupo Carso and Petroleos Mexicanos are not renegotiating their US$1.2bil deal to build a deepwater gas platform in the Gulf of Mexico to exploit the Lakach field, the companies are analysing how to install the pipelines that will serve the project, Slim said.
The 85-year-old billionaire recently doubled down on his investments in oil and gas, plowing US$1bil last year into growing his crude-producing and refining portfolio in a bet that demand for fossil fuels isn’t going away anytime soon.
Highlighting the difficulties presented by Lakach, a similar project between Pemex and New Fortress Energy was scrapped in 2023 due to cost concerns.
“It’s a complicated project that has to be done by expert technicians,” Slim said.
It will depend on whether they can install the pipe at a depth of about 900 metres to serve the drilling and processing facility, located about 98 km southeast of the city of Veracruz, he said.
Earlier this month, Mexican President Claudia Sheinbaum’s administration sent a bill to Congress outlining how private investors will be required to partner with state-controlled companies in energy ventures, a move aimed at streamlining rules and attracting capital to the industry.
Grupo Carso is also eyeing partnerships with Mexico’s state utility, Comision Federal de Electricidad, to develop geothermal energy plants and a green-hydrogen plant in Oaxaca state, Slim said.
It will also invest in highway infrastructure this year, he added.
Last year, Slim invested more than US$600mil in US refiner PBF Energy Inc and also bought US$326mil worth of shares in Houston-based oil producer Talos Energy Inc, which is in partnership with Grupo Carso to develop Lakach. — Bloomberg
