For the first time in nearly eight decades, Talos Energy, a private drilling contractor has sunk a new offshore oil well in Mexico. That comes as the latest step in Mexico’s drive to encourage foreign investors to go back to its energy market. Drilling began on May 21 through a joint venture of Mexico’s Sierra Oil & Gas and Houston-based Talos Energy, and London’s Premier Oil. It’s Mexico’s first offshore exploration undertaken by anyone other than Petroleos Mexicanos, a state-run monopoly since nationalizing of its oil industry in 1938.
The Zama-1 well is located in the state of Tabasco along the Sureste Basin. According to Premier Oil, the well holds an approximately 100 million to 500 million barrels of crude. Experts expect to take up to 90 days to complete drilling at the cost of $16 million. The three companies won rights in the first round of bidding in 2015 after Mexico voted to privatize its ailing oil industry. It is Mexico’s first non-Pemex well to be drilled in Mexico as part of its energy reform process. According to Elaine Reynolds, a London-based analyst, this well will be keenly watched by the oil drilling industry. Its structure suggests that the project has high chances of success. Based on the impact of Zama-1 in the Mexican energy market, it’s one of the prestigious exploration wells ever drilled in the country. As the operator of the well, Talos Energy owns a 35% stake in the project.
About Talos Energy
Talos Energy is a Houston-based oil and gas drilling contractor focused on offshore exploration and production. It specializes in the acquisition of assets in and around Gulf of Mexico and Gulf Coast regions. Talos Energy focuses on exploitation, optimization, and exploration. It currently owns over 33,000 square miles of 3D seismic data that covers all the acreage in its portfolio. Talos Energy’s technical team are experts in data reprocessing to enhance the optimization of drilling inventory. That aids in the process of evaluating joint venture opportunities and acquisitions. Talos Energy has spent the past 70 years advancing its drilling techniques and well control technology.
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