August 17, 2017 · Uncategorized

It has been 80 long years, but finally, a private company has brought an offshore oil well within Mexican waters. Mexico has protected its waters for long enough, and now they have provided access to people from the outside. This project is being administered by Premier Oil Plc, Sierra Oil & Gas and Talos Energy LLC. Premier Oil is headquartered in London, Talos Energy in Houston and Sierra Oil & Gas in Mexico.

They have started the long-awaited drilling for the well on May 21. This operation is the first of its kind to be conducted by anyone other than Petroleos Mexicanos. Mexico began to heavily focus on oil in 1938, and Petroleos Mexicanos has been the one running the show since then.

These three companies have been awarded exclusive rights to search for the hidden Mexican oil, and the Zama-1 well, that was sunk underwater, can hold around 100 million to 500 million barrels of petroleum. This number is an estimation. It is anticipated to take 90 days for the drilling operation to finish, and the amount of money it will cost is about $16 million for Premier. Premier made a statement, saying that Talos owns 35% in the operation, Sierra with 40% and Premier with 25%.

Talos Energy LLC is an oil and gas company that is owned privately. The company is based in Houston and has become very successful within the oil industry. Recently, it’s subsidiary, Talos Production LLC, has successfully purchased Energy Resource Technology GOM, Inc. for $620 million. Talos has major aspirations to grow and build an influence in the Gulf of Mexico.

Energy Resource Technology is a subsidiary of Helix Energy Solutions Group, Inc. Energy Resource Technology is a very important acquisition because of their abundant supply of oil production. They averaged 16,155 barrels of oil in one month and hold a high of 70% oil weight.

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