Mexican oil giant Pemex is in discussions with businessman Carlos Slim to finance development projects at two key oil and natural gas fields in Mexico, reported Reuters, citing sources familiar with the matter.

Pemex is negotiating a joint operating agreement (JOA) with its partners in the Zama offshore field, with Slim providing the necessary investment for the state-owned company’s required contribution, according to a senior Mexican government source.

Additionally, Slim is considering a stake in the Ixachi onshore natural gas field.

In the Zama field, located in the Gulf of Mexico, Slim’s companies possess an 80% interest in Talos Mexico, leaving Talos Energy with a 20% stake.

Pemex currently holds a 50.43% share of Zama, with estimated resources of 600–800 million barrels of crude oil equivalent, while the remaining ownership is split between Talos Mexico and Harbour Energy.

A high-level Mexican Government source, preferring to remain anonymous, mentioned: “They are seeking a mutually convenient agreement.”

The proposed change would require Pemex to cede some operational control in exchange for alleviating its capital investment obligations.

An estimated $4.5bn is needed to develop Zama, with Grupo Carso, Slim’s company, potentially contributing 50.43% on Pemex’s behalf.

The advanced discussions are expected to be finalised within weeks, although the exact benefits for Slim’s empire in return for the investment have not been disclosed.

This development follows a prolonged dispute over Zama’s operations between Pemex and the consortium led by Talos Energy.

Harbour Energy CEO Linda Cook hinted at potential operational changes for Zama during an investor call, aligning with the ongoing talks.

However, Pemex and Grupo Carso have not publicly commented on the matter.

The potential collaboration with Slim comes as Pemex faces financial challenges, with debt of $97.6bn and an additional $25bn in supplier and contractor payments.

The state-owned company is under pressure to meet the government’s production goal of 1.8 million barrels per day.

In addition to Zama and Ixachi, Pemex and Slim are reviewing an agreement to develop Lakach, Mexico’s first deep-water natural gas field.

The Ixachi field’s gas production is currently processed at the Papan plant, with plans to build a second facility capable of handling up to 345 million cubic feet of gas per day at a cost of nearly $500m.