Grupo Carso, owned by Mexican billionaire Carlos Slim, announced the acquisition of Fieldwood Mexico, a company that holds interests in the Russian company Lukoil’s Ichalkil and Pokoch fields, the Russian news agency TASS reports.
The transaction is valued at $270 million, and the company will also pay off $330 million in debt.
Zamajal, a Grupo Carso company, has signed a binding agreement with Lukoil International Upstream Holding and Lukoil International Holding GMBH to acquire Fieldwood Mexico in full, subject to certain strict conditions, one of which is that all parties involved agree to the transaction, according to Agerpres.
Fieldwood Mexico is the operator and owner of a 50% interest in the Ichalkil and Pokoch fields (Block 4), located off the Campeche coast in the Gulf of Mexico. Since 2024, Zamajal has owned Petrobal Upstream Delta 1, which has the remaining 50% stake.
The acquisition must be approved by the Mexican government, including the National Antitrust Commission and the Ministry of Energy. Direct approval from OFAC (Office of Foreign Assets Control of the US Treasury – n. r.) is also required.
The transaction not only allows Grupo Carso to gain control of the project, but also confirms its commitment to hydrocarbon production in Mexico, the company announced.
In February 2022, Lukoil acquired a 50% stake in Block 4 for $435 million, plus expenses incurred from January 1, 2021 until the completion of the transaction, amounting to $250 million. Recoverable hydrocarbon reserves in Ichalkil and Pokoch amount to 564 million barrels of oil equivalent.
The United States has extended until February 28, 2026, the deadline for negotiations on the acquisition of the international assets of the Russian company Lukoil. The United States and Britain imposed sanctions on Russia’s largest oil companies, Lukoil and Rosneft, in October following the invasion of Ukraine.
Lukoil has faced disruptions in its foreign operations since the imposition of the US sanctions.
Lukoil produces about 2% of global oil production in Russia and abroad and has said it is looking for buyers for its international assets, which produce 0.5% of global oil and are estimated to be worth about $22 billion based on 2024 financial statements.
Potential buyers for Lukoil’s international assets include US private equity fund Carlyle and a group consisting of oil company Chevron and Quantum Capital Group.
The extension of the general license issued by the US Treasury by more than a month also allows interested parties to enter into contingent contracts for the sale of assets and alleviates pressure to complete them. It was the second extension of the deadline, the first being issued in December.
In the context of sanctions, the US Treasury will have to approve any transaction related to Lukoil assets.