Grupo Carso has signed a binding agreement to acquire 100% of the stock of Lukoil's subsidiary, Fieldwood Mexico, for $270 million and will assume $330 million of the operator's debt, bringing the total transaction value to $600 million.

Asset Details and Transaction Structure

Fieldwood Mexico is the operator and holds a 50% stake in the Ichalkil and Pokoch producing fields within Contract Area 4 in the Gulf of Mexico, with Grupo Carso owning the other 50%. Upon completion, this acquisition will make Grupo Carso the sole shareholder of these assets. The fields are reported to have recoverable reserves of 564 million barrels of oil equivalent, over 80% of which is oil, and are located in shallow waters off the coast of Campeche, Mexico.

Context and Approvals Required

The sale is part of Lukoil's efforts to dispose of international assets following U.S. sanctions imposed in October last year. The U.S. Treasury has extended a deadline for such asset sales. For this specific deal to proceed, both companies must obtain explicit authorization from the U.S. Treasury's Office of Foreign Assets Control (OFAC). The transaction also requires regulatory approvals from Mexico's national antitrust commission and energy ministry.

Financial and Historical Notes

The total purchase price, including debt, is noted to be less than the $685 million Lukoil paid for its 50% stake in July 2021. The final figures and payment terms are subject to closing adjustments as per the purchase agreement.