Talos Energy has agreed to divest a 49.9% minority stake in its Mexican unit to Zamajal, a wholly owned subsidiary of Grupo Carso.

Grupo Carso is the retail and industrial conglomerate controlled by billionaire Carlos Slim.

The Mexican subsidiary holds Talos Energy’s 17.4% stake in the Zama oil field in the southern Gulf of Mexico.

As per the terms of the agreement, Zamajal will pay $74.85m (1.3bn pesos) at the closing of the deal while the remaining $49m will be paid when production commences.

Talos president and CEO Timothy Duncan commented: “We are thrilled to partner with Grupo Carso. Our relationship dates back to the 2015 offshore lease sales in Mexico. As we accelerate recent momentum and advance Zama toward FID [final investment decision] and first production, we are confident that Carso is the right partner at the right time.

“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. We are excited about this broad partnership in Mexico.”

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The deal values Talos’ stake in the field, operated by Petróleos Mexicanos (Pemex), at approximately $250m.

Following the completion of the deal, Talos will retain a 50.1% stake in the local unit.

Duncan continued: “This transaction establishes a baseline Zama valuation for Talos shareholders while providing material upfront cash proceeds. Most importantly, Talos shareholders retain significant valuation upside as we advance the project toward first production.”

Subject to receipt of approval from the local regulator, the deal is expected to conclude in the third quarter of this year.