Grupo Carso, a Mexican conglomerate controlled by billionaire Carlos Slim, has signed an agreement with Mexico's state oil company, Pemex, worth $1.99bn (36.5bn pesos). 

The agreement aims to fund the drilling of up to 32 onshore wells in the Ixachi field, a major natural gas site in Veracruz, eastern Mexico. 

Under the deal, Pemex will make monthly payments for each completed well, starting in January 2027, stated Grupo Carso. 

The project aims to drill and complete the wells over a period of three years, significantly boosting oil and gas production. 

This agreement, which represents a significant collaboration between Grupo Carso and the state oil company, aims to enhance Mexico's energy production capabilities, reported Reuters. 

Grupo Carso reported in a filing that the 28 wells drilled in the field are currently producing approximately 93,000 barrels of oil and 715 million cubic feet of gas each day. 

In March, Reuters reported that Mexican oil giant Pemex was in discussions with Carlos Slim to fund development projects at two key oil and natural gas fields in Mexico. 

Pemex was negotiating a joint operating agreement with its partners in the Zama offshore field, with Slim providing the necessary investment for the state-owned company’s required contribution. 

Additionally, it was reported that Slim was considering a stake in the Ixachi onshore natural gas field. 

In December last year, Talos Energy sold an additional 30.1% stake in its Mexican subsidiary, Talos Mexico, to Zamajal, which is 90% owned by Grupo Carso and 10% by Control Empresarial de Capitales. 

The transaction, valued at $82.7m, included a cash payment of $49.7m at closing and $33m upon first commercial production from the Zama field.