Talos Energy Sells Stake in Zama Field to Grupo Carso

Talos Energy has completed the sale of an additional 30.1% interest in Talos Mexico to Zamajal, a company controlled by Grupo Carso, for US$82.7 million. This transaction is part of the ongoing development of the Zama field, a shallow-water oil project off the coast of Tabasco. 

The sale, which involves both a cash payment and contingent payments tied to commercial production, will increase Grupo Carso’s involvement in the Zama Field development. Talos will receive US$49.7 million in cash at closing and an additional US$33 million once the Zama Field reaches its first commercial production, expected to bring the total payment to US$82.7 million. After the transaction, Talos will retain a 20% stake in Talos Mexico, while Zamajal, owned 90% by Grupo Carso and 10% by Control Empresarial de Capitales, will own 80%. Talos Mexico holds a 17.4% interest in the Zama Field. The deal is set to close after receiving regulatory approvals.

Joseph Mills, Talos’s interim president and CEO, expressed satisfaction with the deal. “We are pleased to execute this important transaction with Carso on Zama, crystallizing benefits for Talos’ stockholders. This transaction allows us to maximize stockholder returns, maintain our involvement in Zama, and contribute to its continued progress.”

In addition to the sale, Talos entered a cooperation agreement with Control Empresarial de Capitales, which stipulates that the group will not acquire additional shares of Talos common stock that would result in holdings exceeding 25% until Dec. 16, 2025. This agreement aims to further align interests between the two parties.

This deal comes amid Grupo Carso’s growing involvement in Mexico’s energy sector. In recent months, the company increased its investment in the Lakach gas field, marking a 57% increase in its initial commitment. 

Zama, Lakach, Bacab-Lum, and Trión fields highlight the partnerships between private companies and PEMEX. These collaborations aim to enhance production through advanced technologies, reduce costs, and share risks, continuing the momentum of Mexico’s 2014 Energy Reform.

The Zama Field, which has reserves of approximately 700MMboe, is one of the most significant assets in Mexico's offshore oil industry. After years of litigation, PEMEX and Talos Energy reached an agreement to develop the field, with an estimated US$9 billion investment expected to be shared between PEMEX, Talos, and its partners, including Grupo Carso.