Mexican billionaire Carlos Slim’s Grupo Carso SAB has secured a $1.99 billion deal with Pemex to drill 32 wells at the Ixachi natural gas field in Veracruz. The field currently produces 93,000 barrels of oil and 715 million cubic feet of gas daily. Carso’s subsidiaries will handle the drilling, with Pemex starting payments in 2027 based on hydrocarbon sales. Slim has invested over $2 billion in Pemex projects, stressing the need for private sector involvement to boost the company’s stability. Despite this, Pemex faces over $100 billion in debt and record-low oil output, relying on new debt issuance to cover expenses.

Read more at Yahoo Finance: Carlos Slim Doubles Down on Pemex With $2B Drilling Deal