Background on Carlos Slim and Grupo Carso
Grupo Carso, led by Mexican billionaire Carlos Slim, is currently assessing the feasibility of a deepwater gas project at the Lakach field in collaboration with state-owned petroleum company Pemex. The company’s Director of Administration and Finance, Arturo Spinola, announced this development during a call discussing the firm’s third-quarter financial results.
Lakach Field Project Background
Grupo Carso signed an agreement last year with Pemex to jointly develop the Lakach field in the Gulf of Mexico, aiming to revive a project that Pemex had abandoned twice due to high costs. The field, located approximately 90 kilometers off the port of Veracruz in the Gulf of Mexico, holds an estimated 900 million cubic feet of natural gas.
Current Challenges and Analysis
Spinola explained that the current review focuses on the cost-benefit analysis, as the gas price does not justify the substantial investment required. He added that new analyses are being conducted to determine the best course of action for the Lakach field.
Negotiations and Adjustments
Reuters reported in January that representatives from Slim’s Grupo Carso and Pemex were discussing significant changes to the agreement to make Lakach financially viable, given the lower-than-projected gas prices. Slim himself acknowledged in February that the project is “complicated” due to the gas resource’s deep underwater location.
Impact on Stakeholders
The Lakach field project’s outcome will have implications for both Grupo Carso and Pemex, as well as the Mexican energy sector. A successful development could lead to increased natural gas production, benefiting consumers and potentially attracting further foreign investment. Conversely, if the project proves unfeasible, it may result in financial losses for both companies and hinder future deepwater exploration endeavors.
Key Questions and Answers
- What is the current status of the Lakach field project? Grupo Carso and Pemex are reevaluating the project’s feasibility due to low gas prices and high development costs.
- Why is the Lakach field project significant? The field holds an estimated 900 million cubic feet of natural gas, and its successful development could boost Mexico’s energy production.
- What challenges does the Lakach field project face? The deepwater location of the gas resource and lower-than-projected gas prices pose significant challenges to the project’s financial viability.
- Who are the main stakeholders involved in the Lakach field project? Grupo Carso, led by Carlos Slim, and state-owned petroleum company Pemex are the primary stakeholders in this project.
- What are the potential outcomes of the Lakach field project evaluation? If deemed feasible, the project could lead to increased natural gas production and attract further investment. If not, it may result in financial losses and hinder future deepwater exploration.
