Zamajal SA de CV, a wholly owned subsidiary of Grupo Carso, Mexico City, has agreed to acquire a 49.9% interest in Talos Energy Inc.’s Mexican subsidiary, which holds Talos’s 17.4% stake in Petróleos Mexicanos’s (Pemex)-operated Zama field, for $124.75 million.
The deal implies a minimum valuation of roughly $250 million for the full 17.4% stake in Zama, potentially increasing to $262.50 million if certain milestones are reached, Talos said in a May 25 release. Talos will remain the controlling shareholder of Talos Mexico.
According to Talos, $74.85 million will be paid at closing, with the remaining $49.90 million due at first production.
“Carso's investment is a testament to the economic potential of Zama, and the joint venture will also benefit from Carso's critical presence in Mexico and global commercial experience,” said Talos president and chief executive officer Timothy S. Duncan.
The Zama Unit development plan was submitted to Mexico's National Commission of Hydrocarbons for formal approval earlier this year, and integrated project team comprised of individuals from all four Zama Unit holders was established to manage the development and operation of Zama going forward (OGJ Online, Apr. 3, 2023).
Unitization of Zama was required after determination that the field lies within both the Talos-operated Block 7 and the adjacent AE-0152-Uchukil Asignación in the Cuencas del Sureste, in the Bay of Campeche in Mexico, operated by Pemex, that provides for joint development of the entire reservoir instead of each party developing its own block (OGJ Online, Mar. 28, 2022).
Talos, together with Pemex, Wintershall, and Harbour, will co-lead different work groups. Talos and Pemex will co-lead the planning, drilling, construction, and completion of all Zama wells and co-lead the planning, execution, and delivery of Zama’s offshore infrastructure. Talos, Pemex, and Wintershall will co-lead the project management office.
Grupo Carso's investment deal with Talos is expected to close in this year’s third-quarter, subject to approval by Mexico's Federal Economic Competition Commission (COFECE).