Carlos Slim is known for his telecom empire, America Movil. That business earned him the title of Latin America's wealthiest individual, with an estimated net worth of $130 billion as per the Bloomberg Billionaires Index.
But lately, the 86-year-old billionaire has been buying into the energy business closer to home.
The block is known as EP Mexico Block 30. After the sale closes, Harbour Energy - a UK-based driller - will take over as operator and own the remaining 70% of the block.
Slim has made earlier forays into the oil and gas industry. During January, Carso bought Fieldwood Mexico from Russia's Lukoil, thereby gaining complete control over two significant Gulf fields. In 2023, Grupo Carso entered into a $2 billion agreement with Pemex to drill over 30 wells at the Ixachi oil and gas field, which Slim expects to boost output from that site to approximately 200,000 barrels daily within three years. Additionally, Slim has acquired interests in Talos Energy Inc. and the U.S. refiner PBF Energy Inc., making his firm the biggest private collaborator with Pemex.
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Earlier this year, Slim said, "his companies would avoid new joint ventures with Pemex."
As of late April, Pemex's daily production of crude and condensates stood at 1.65 million barrels. The state-owned company is actively looking for private partners to help reverse its declining crude production and improve its troubled financial situation.
This TotalEnergies stake is in a block where Harbour Energy runs the show. It gives Slim exposure to Mexican oil without being locked into another joint venture with the state company.
Just this month, Slim commented that with increased private participation, the country's combined oil and gas production might reach 2.5 million barrels per day.
Slim's increasing investment in Mexican oil fields reflects a broader trend of private capital flowing into the country's energy sector, which has been dominated by Pemex for decades. The state-owned company's declining production and heavy debt load have prompted the government to encourage private partnerships, creating opportunities for investors like Slim. By taking stakes in blocks operated by international firms such as Harbour Energy, Slim gains exposure to Mexico's oil potential without taking on the operational risks associated with Pemex's aging infrastructure.
This latest move underscores Slim's strategic pivot toward energy as his telecom empire matures. With Mexico's energy sector opening to private investment, Slim is positioning Grupo Carso to benefit from partnerships that do not require direct control. The deal with TotalEnergies and Harbour Energy avoids the financial and operational entanglement of a Pemex joint venture, which Slim had previously ruled out for new projects.
The sale is not final yet. It needs government approvals before it can close.
If it goes through, Slim's energy footprint in Mexico gets noticeably bigger.
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