A private firm has exploited an offshore well in Mexican waters for the first time in approximately 80 years. The exploration is the recent step in the nation’s push to allow foreigners into its energy market. A team ventures including Houston’s Talos Energy LLC, London-based Premier Oil and Sierra Oil & Gas kicked off drilling of the well, as from May 21st. It is the first exploration in Mexican waters, to be undertaken by any company other than Petroleos Mexicanos, a state-controlled monopoly, since the nationalization of its oil industry in 1938 and read full article.
The well, Zama-1, is located in the Sureste Basin and holds around 100 to 500 million barrels of crude oil. The drilling is expected to be completed in 90 days and may cost $16 million. The three firms won the tender to prospect after bidding in the first round after Mexico voted to allow private investments in its troubled oil industry in 2015 and learn more about Talos Energy.
The oil industry is keenly watching this drilling because it is the first non-Pemex well sunk since the opening up of the Mexican waters. The geological structure of Sureste Basin suggests that the project has very high chances of succeeding. Charlie Sharp, an analyst at the Canaccord Genuity Ltd, said that according to the Mexican market’s circumstances, Zama might turn out to be a fascinating exploration to have taken place this year. Talos operates the well and owns a stake of 35%, Premier owns 25%, and Sierra holds 40% stake in the venture and contact their.
About Talos Energy
Talos Energy is a private gas and upstream oil company focused on exploration and the exploitation of oil and gas properties and focusing in the Gulf of Mexico and Gulf Coast. The company was backed by investment funds attached to Riverstone Holdings, Apollo Global Management, and Talos management. The company has employed about 120 field operators and 60 professionals in Houston.
Tim Duncan is the current president and chief executive officer of Talos Energy. Workplace Dynamics named Talos the best workplace above all local businesses. The CEO of the company, Tim Duncan, says that the firm did not earn this through play-hard, work-hard perks on a site daycare and Talos’s lacrosse camp.