A joint investment by Houston-based Talo’s Energy LLC, Mexico’s Sierra Oil & Gas and London’s Premier Oil Plc started drilling the Zama-1 well on 21st May. It is the first offshore survey well to be inaugurated by anyone other than Petroleos Mexicanos, state-run management since the nationalization of the country’s energy business in 1938. For the very first time in nearly 80 years, a private enterprise has discovered a new oil well in the Mexican waters, denoting the recent step in the country’s effort to embrace back foreign competitors into its energy business and read full article.
The new oil well, within the Sureste Basin from the state of Tabasco, contains approximately 100 million to 500 containers of crude oil. Drilling is anticipated to take almost 90 days to finish at the cost of $16 million. The three firms secured rights to the project in 2015, during the first bidding round when Mexico voted to allow private investors in its deteriorating oil industry. Tim Duncan, the CEO, and president of Talos said that to announce such historical invention without an incident in less than two years after being awarded the block was perfect examples of the advantages of having smaller operatives take part in significant reforms and what Talos Energy knows.
The edifice of the basin indicates that the project holds a high environmental prospect of success. Charlie Sharp, Canaccord Genuity Ltd. analyst, noted that considering all the insinuations for the Mexican market, Zama-1 is one of the fascinating wells to be drilled in the industry this year and their Website.
Talos Energy, together with its affiliates Premier and Sierra, are already analyzing the data collected from the well and assessing the best way to evaluate and advance this significant invention. Talos is a technologically driven independent survey and production firm centered on exploration, advancement, and procurement of natural gas and oil properties. Its primary focus is on the Louisiana and Texas Gulf Coast and the Gulf of Mexico and Talos’s lacrosse camp.
Talos has upheld reserves of more than 100 million BOE and manufacture of more than 30,000 BOE per day profits to the interest of the company. In 2015, the company invested its operational and technological expertise in the Gulf of Mexico, and it increased its acreage location into two surface water exploration sectors from the shores of Mexico.