After nearly 80 years, an American company has sunk an offshore oil well in Mexico’s waters. This comes after Mexico’s decision to allow foreign competitors back into its energy market. The latest venture is a joint effort between London-based Premier Oil, Talos Energy and Mexico’s Sierra Oil and Gas. The drilling began in May. It’s the first offshore exploration launched by anyone other than the state-run oil company Petroleos Mexicanos since the country nationalized its oil industry.
The Zama-1 oil well is situated in the Sureste Basin off the Mexican state of Tobasco, which is estimated to hold 100 million 500 milion barrels of crude oil. Drilling will take 90 days to complete, with a price tag of $16 million. The three companies involved in this venture won the rights to drill, after a round of bidding once Mexico voted to open its failing oil industry to private companies. Talos Energy operates the well and owns a 35% stake in the venture.
Exploration has shown Talos Energy that Sureste Basin has high geological success rate. Talos Energy is a gas and oil company that is dedicated to offshore exploration and production such as in Mexico. Talos Energy has a team who are experienced in acquiring assets around the Gulf of Mexico and the Gulf Coast. Talos Energy’s technical and management teams have spent most of their lives in the Gulf of Louisiana and Gulf of Mexico region.
Talos Energy LLC knows that oil and gas is the main source of energy and will be for the foreseeable future. When it comes to exploration and production, the company is ready to turn to innovative solutions. Talos Energy is set to acquire, explore and exploit the Gulf Coast by using seismic database. The operations run by Talos Energy are being guided by reprocessing techniques and deep gelological experience.
Talos Energy LLC was founded in 2012 and is headquartered in Houston, Texas. Tim S. Duncan was named as the chief executive officer. Talos Energy continues to expand their reach in the deep ocean drilling. Talos Energy continues to be successful as they dig for oil.