Engie, a French energy company, has entered into a partnership with Macquarie Asset Management, an Australian infrastructure investor, for the expansion of the Mayakan natural gas pipeline in Mexico.
This collaboration seeks to support the energy transition in the region while aiming to cut its carbon footprint by approximately 7.4 million tonnes of CO₂ equivalent annually.
According to sources, the deal involves Macquarie acquiring a 50% interest for $360m in the development of a 700km natural gas pipeline across the Yucatán Peninsula.
The enterprise value of the project is estimated at up to $3bn upon completion, the sources added.
Both Engie and Macquarie will jointly govern the company managing the asset, known as the Mayakan System.
Designed to double the natural gas transportation capacity for the Yucatán Peninsula, the new pipeline will traverse the states of Chiapas, Tabasco, Campeche and Yucatán.
In November 2022, CFE, the Mexican state power utility, signed an agreement with Engie to expand the Mayakan gas pipeline in the Yucatán Peninsula.
Financial advisory roles were undertaken by BofA Securities and Sumitomo Mitsui Banking Corporation for Engie, while Rothschild provided guidance to Macquarie.
Recently, Eni, an Italian oil and gas company, announced an oil and gas discovery in the Sureste Basin offshore Mexico.
The discovery at the Yopaat-1 EXP exploration well in Block 9, located around 63km off the coast, has the potential to yield 300–400 million barrels of oil equivalent.
Eni operates Block 9 with a 50% participating interest, while the other half is held by the Spanish energy company Repsol.
