Fieldwood Mexico

History

2026: Grupo Carso bought Fieldwood Mexico from Lukoil for $600 million

In January 2026, the Mexican Grupo Carso agreed to buy local assets of Lukoil, which fell under sanctions. The acquisition of 100% of Fieldwood Mexico's capital was carried out through a subsidiary of Zamajal. The companies of the Fieldwood Mexico structure are the owners of 50% of the Ichalkil and Pokoch oil and gas fields in the Gulf of Mexico, another 50% are owned by the subsidiary of Grupo Carso - Zamajal. The transaction amount is $270 million. Grupo Carso has also committed to repaying Fieldwood Mexico's $330 million debt to Lukoil.^[1]

2022: Lukoil bought 50% of Fieldwood Mexico

At the end of February 2022, Lukoil announced the purchase of 50% of the Block 4 project in the Gulf of Mexico. The transaction was completed through the acquisition of Fieldwood Mexico. The remaining 50% of the project remained with the oil and gas company PetroBal (part of the Mexican conglomerate GrupoBAL).

The Block 4 project includes two sites with a total area of ​ ​ 58 square meters. km located on the shelf of the Gulf of Mexico 42 km from the shore, the sea depth in the area of ​ ​ the sites is 30-45 m. Within the sites there are two oil fields - Ichalkil and Pokoch - with recoverable hydrocarbon reserves of 564 million barrels of oil equivalent, more than 80% of which are oil.

Lukoil bought 50% Fieldwood Mexico =

The transaction amount amounted to $685 million. It includes directly the price of the asset of $435 million plus the actual expenses incurred from January 1, 2021 until the closing of the transaction (about $250 million).

The project "Block 4" is implemented under the terms of a production sharing agreement signed in 2016 for a period of 25 years with the possibility of extension for a period of up to 10 years.

Mexico is a strategic region for us as part of the development of international activities in the upstream segment. The new project, in which we will be an operator, is distinguished by a significant confirmed resource base, significant mining potential and organically complements the existing portfolio of projects in the Gulf of Mexico, "said Vagit Alekperov, President of Lukoil.

This is not the first asset of a Russian company in Mexico. Lukoil entered the country in 2015, receiving 75% in the Amatitlan block development project. The operator is Petrolera de Amatitlan SAPI de CV. Companies are producing under a service contract. In addition, the company participates in the development of Blocks 10, 12, 28 located on the shelf. At the first of them (Lukoil owns 20%), two exploration wells were drilled, the data of which allow us to estimate geological resources at 200 million barrels of oil equivalent.^[2]

Notes