MEXICO CITY, Feb 10 (Reuters) - Mexican billionaire
investor Carlos Slim said on Monday that his team is
reevaluating a deal inked with state oil company Pemex to
develop Mexico's first deepwater natural gas field, a project
long plagued by problems over its commercial viability.
The comments support a Reuters exclusive last month which
revealed that representatives of Slim's Grupo Carso and Pemex
have discussed changes to the deal in order to make the Lakach
project profitable, despite lower forecast gas prices.
"It's a complicated project that needs to be tackled by
great technicians," Slim said during a press conference in
Mexico City, adding that the depth at which the resource was
buried in the Gulf of Mexico made it more difficult.
"It'll depend on what is being built," he said when asked
repeatedly whether he was still interested in the field.
Pemex has already twice abandoned the Lakach project due to
prohibitive development costs.
Slim also reiterated the need for more investment in
infrastructure and that Mexico was importing the vast majority
of its gas from the United States.
Reuters reported that Grupo Carso wanted to add two nearby
fields with similar expected resources, Piklis and Kunah, to
increase the potential profitability of the venture, and was
even contemplating putting the project on ice.
In recent years, Slim has been increasing his investments in
the energy sector, with stakes in shallow-water fields Zama,
Ichalkil and Pokoch. Last year, his team met with Pemex
officials to discuss Lakach.
Located some 90 kilometers (56 miles) from the Gulf port of
Veracruz, Lakach holds an estimated 900 billion cubic feet of
gas. Pressure is low at the existing well there, making
production a challenge.
It needed a lot more investment, sources said, and was made
more complicated by low gas prices.