Basham, Ringe y Correa advised Grupo Carso in the acquisition of 100% of Petrobal Operaciones Upstream, S.A. de C.V., for USD $530M.


Mexico City, December 20, 2023

Basham, Ringe y Correa announced that it acted as sole legal counsel to Grupo Carso, S.A.B. de CV («Carso»), Mexico’s largest conglomerate, in the negotiation and signing of the recently announced binding agreement with which it will acquire 100% of the capital stock of PetroBal Operaciones Upstream, S. A. de C.V. («PetroBal Upstream»), a subsidiary of Grupo Bal, S.A. de C.V. («Grupo Bal») for a base price of USD $530 million.

PetroBal Upstream owns PetroBal Upstream Delta 1, S.A. de C.V. («Delta 1»), an entity that holds a 50% interest in the Ichalki & Pokoch fields, strategically positioned off the coast of Campeche, which represents a vital area for hydrocarbon extraction operations.

The legal advisors involved were:

Carso: Carlos Facha  Basham (representing Carso):
Juan Carlos Serra
Pablo Nosti
Fernando Osante
Pamela Salas  
Hogan Lovells
(Mexico City) (representing Grupo Bal): Carlos Ramos
Perla Diaz Taracena  
Grupo Bal:
Gerardo Carreto
Hugo Quesada
Javier Pardo  

With this transaction, Carso continues consolidating its participation in the upstream sector in Mexico, adding to the acquisition of the Zama Field completed in 2023 and its several years of experience in offshore platform manufacturing, Jack Ups, and onshore and offshore drilling.

The transaction is expected to close in the first half of 2024, as it is subject to the approval of the Comisión Federal de Competencia Económica («COFECE») and the Comisión Nacional de Hidrocarburos («CNH»).