Basham represents Carso in acquisition of Petrobal Upstream
Basham Ringe y Correa has represented Grupo Carso (Carso) in the acquisition of 100% of the share capital of PetroBal Operaciones Upstream (PetroBal Upstream), a subsidiary of Grupo Bal (advised by Hogan Lovells), for a base consideration of USD $530 million.
PetroBal Upstream owns PetroBal Upstream Delta 1 (Delta 1), which holds a 50% interest in the Ichalki & Pokoch fields, strategically positioned offshore Campeche, a vital area for hydrocarbon extraction operations.
With this transaction, Carso continues to consolidate its participation in the hydrocarbon extraction sector in Mexico, adding to its acquisition of the Zama Field in 2023 and its several years of experience in offshore platform fabrication, 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).
Gerardo Carreto, Hugo Quesada and Javier Pardo provided in-house counsel to Grupo Bal, while Carlos Facha acted as in-house counsel to Carso.
Hogan Lovells’ team included partner Carlos Ramos and senior associate Perla Diaz Taracena.
Basham’s team comprised partner Juan Carlos Serra (pictured), and associates Pablo Nosti, Fernando Osante and Pamela Salas.
