Grupo Carso has taken another decisive step in the sector with the acquisition of Fieldwood México, a subsidiary of Russia-based Lukoil, consolidating its control over the Ichalkil and Pokoch offshore fields in the southeastern Gulf of Mexico. The transaction underscores the growing role of Carlos Slim’s conglomerate in a strategic industry where the Mexican government continues to struggle to stabilize hydrocarbon production through PEMEX alone.
Grupo Carso Acquires Lukoil’s Fieldwood Mexico
Grupo Carso agreed to acquire 100% of Fieldwood México for US$270 million, while also assuming and settling approximately US$330 million in outstanding debt that Fieldwood held with its parent company, Lukoil. With this move, Carso secured full ownership of the operating company responsible for the development of the Ichalkil and Pokoch fields, located off the coast of Campeche in shallow waters.
Mexico, Venezuela Reconfigure the Oil Market
Mexico risks losing export market share in crude oil as Venezuela accelerates efforts to reinsert itself into global energy markets, a shift that could reshape regional dynamics and intensify pressure on PEMEX, according to the Mexican Institute of Finance Executives (IMEF). The warning comes amid a complex geopolitical realignment in which the United States is actively seeking to unlock Venezuelan oil flows, while Mexico has deliberately reduced its export orientation in favor of domestic refining.
Dos Bocas Refinery Still Operates Below Capacity
PEMEX’s flagship Dos Bocas refinery continues to operate below its designed capacity more than a year after the start of its operations, according to official data from PEMEX and recent reporting by Animal Político. The gap between public statements from political leaders and the figures contained in PEMEX’s own Institutional Database has renewed scrutiny over the performance of the project, which is central to the federal government’s strategy for energy sovereignty and reduced fuel imports.
Achilles Launches Global Energy Community in Latin America
Supply chain risk management company Achilles has launched the Global Energy Community for Latin America, a regional network designed to promote more sustainable, transparent and competitive energy supply chains across the region. The initiative connects more than 80 buyers with over 10,000 suppliers and is intended to support energy markets from Mexico to Peru. The official launch took place in Mexico City on Jan. 14, 2026.
2026: A Defining Year for PEMEX, Mexico Oil Production
In 2025, the oil and gas sector was shaped by a new legal framework that established ground rules for its development. It was also a year in which a long-term strategic plan was designed, characterized by the predominance of state-owned companies (PEMEX and CFE). However, the financial condition of these state-owned companies, coupled with mounting pressure on public finances, also made it a year in which the financial condition of these companies and the pressure on public finances have increasingly approached a level of risk that could become a major problem in the government’s budget deficit.
A New Phase for Mexico’s Oil-Field Services Sector
Mexico’s oil-field services sector is entering a pivotal new phase. After years of strained budgets, delayed payments, and operational uncertainty, PEMEX has acknowledged a fundamental truth: upstream production cannot function without a financially viable, technically capable services industry. This recognition has triggered a shift in approach. Rather than promising more activity, PEMEX is now focused on making current operations sustainable by restoring trust, stabilizing payments, and ensuring contracts are actually executable.
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