Grupo Carso, the conglomerate led by Carlos Slim, has reached a definitive agreement to acquire a 100% stake in the Mexican subsidiary of TotalEnergies, which holds a 50% interest in the offshore oil and gas exploration block known as Block 12. This transaction marks a strategic expansion for Carso into upstream energy operations, moving beyond its traditional focus on infrastructure, retail, and telecommunications. The move follows a series of divestments and portfolio reallocations by international energy majors within the Mexican energy sector.
The deal, which was formally disclosed in a filing to the Mexican Stock Exchange, underscores a shift in the local energy landscape as domestic players increasingly absorb assets previously held by international oil companies. While financial terms of the acquisition were not publicly detailed in the initial announcement, the transfer of the stake in the shallow-water block signals Carso’s intent to play a more direct role in Mexico’s hydrocarbon extraction efforts. TotalEnergies, meanwhile, continues to streamline its global portfolio, focusing on specific high-yield assets and renewable energy transitions.
Strategic Implications for Grupo Carso’s Energy Portfolio
Block 12 is a shallow-water asset located in the Salina Basin, a region characterized by significant geological potential for oil and gas production. By acquiring the 50% participating interest held by TotalEnergies, Grupo Carso solidifies its foothold in the upstream sector through its subsidiary, Zamajal. This acquisition is part of a broader trend where major industrial groups in Mexico leverage their capital reserves to secure energy infrastructure, a move that provides greater operational control over their supply chains.
According to the regulatory filings submitted to the Mexican Stock Exchange (Bolsa Mexicana de Valores), the transaction remains subject to customary closing conditions, including the receipt of necessary regulatory approvals from the National Hydrocarbons Commission (Comisión Nacional de Hidrocarburos, or CNH). The CNH oversees the administration of exploration and production contracts in Mexico, and its authorization is a prerequisite for the legal transfer of the interest in the block.
TotalEnergies and the Shift in Mexico’s Hydrocarbon Sector
The exit of TotalEnergies from this specific exploration block is part of a wider trend of international oil majors reviewing their footprint in Mexico. Since the energy reforms of 2013, which opened the sector to private investment, many companies have navigated a fluctuating regulatory environment. TotalEnergies has historically maintained a diversified presence in Mexico, spanning from fuel distribution networks to renewable energy projects. Divesting from upstream exploration assets allows the firm to concentrate its capital toward global decarbonization goals and core operations in other jurisdictions.
This transaction follows other instances where domestic conglomerates have acquired stakes in oil and gas projects as international firms recalibrate their risk exposure. For Grupo Carso, the acquisition is an extension of its existing energy strategy, which includes investments in gas pipelines and drilling services. By holding a direct stake in an offshore block, the company transitions from a service provider to a project owner, a shift that carries both the potential for increased long-term revenue and the responsibilities of managing complex offshore exploration risks.
Regulatory Oversight and Project Timeline
The transition of the stake in Block 12 is not yet finalized. Under the established legal framework for the Mexican hydrocarbon industry, the CNH must verify that the incoming operator meets all technical and financial requirements to carry out exploration and extraction activities. The commission evaluates the capacity of the new partner to fulfill the obligations stipulated in the original production sharing contract.
Investors and industry stakeholders are now awaiting the official notification from the CNH regarding the approval of the assignment. Once the regulatory body grants its consent, the formal transfer of rights and obligations will proceed. Future updates regarding the project’s development, including exploration milestones or drilling schedules, will be published through the CNH’s official information portal and the Mexican Stock Exchange’s disclosure system.
The acquisition represents a notable consolidation of Mexican private capital within the upstream energy sector. While Grupo Carso has not released specific projections regarding the expected production volumes from Block 12, the move signals a long-term commitment to the domestic energy market. The company is expected to provide further details in its upcoming quarterly earnings reports, which serve as the primary vehicle for shareholder updates regarding the progress of its energy division.
For further information on the status of exploration contracts in Mexico, interested parties can consult the official website of the Comisión Nacional de Hidrocarburos, which maintains a public registry of all active contracts and operator changes. Market participants should monitor the Mexican Stock Exchange for the next official filing confirming the completion of the transaction.