Talos Energy Inc. closed the sale of a 49.9% interest in its Mexican subsidiary Talos Mexico to Zamajal SA de CV, a wholly-owned subsidiary of Grupo Carso controlled by the family of the Mexican billionaire Carlos Slim.

The minority interest sold by Talos’ Mexico was valued at $124.8 million, Houston-based Talos said in a Sept. 27 press release. Under the terms of the transaction, Talos received $74.85 million cash at closing, with an additional $49.9 million due upon first production.

Talos Mexico, now owned 50.1% by Talos Energy, holds a 17.4% interest in the Zama Field.

“We are excited to partner with Carso on Zama, one of the largest global shallow water oil discoveries in recent years,” Talos President and CEO Timothy S. Duncan said.

Duncan said Talos’s operational track record combined with Carso’s “critical local presence and global commercial reputation” would help the company advance the Zama project toward its final investment decision and first production.