Mexico has advanced their oil reform, and for the first time in eighty years has allowed a private company to sink an oil well in their offshore waters. This venture is the joint endeavor of three oil companies, Talos Energy, LLC out of Houston, Texas, Premier Oil plc, of London, and Sierra Oil and Gas of Mexico. The well, named the Zama-1, is located in the Sureste Basin just outside of the state of Tobasco. It is estimated to hold from 100 million to 500 million barrels of crude oil. The drilling will take about ninety days to complete. The three companies won the rights to this peoject after Mexico voted to open their troubled oil industry to private investments.
Talos Energy is a Houston based gas and oil company with a focus on exploration and exploitation of the gas and oil properties, mainly in the Gulf of Mexico and the Gulf Coast region. It is an independent company that is focused on production. Talos Energy operates under the leadership of Tim Duncan, who is the Chief Executive Officer. It has been recognized as the number one small company in it’s industry. The members of the Talos team have over thirty years of commercial, geological, operational, and acquisition experience working in the Gulf of Mexico. Click here to know more.
Talos Energy, LLC, along with its partners, Premier Oil,plc, and Sierra Oil, recently made the announcement that the Zama 1 project has discovered oil in the Gulf of Mexico. Talos Energy has a thirty five percent participation interest in the venture. This discovery is both a significant one, and a historic one. President and Chief Executive Officer of Talos Energy, Timothy Duncan, proudly applauded the trio companies and the Mexican authorities, telling them that the discovery represented what the Mexican oil reform intended it to. The success of the Zama 1 well opened doors for other drilling and operational opportunities in the Gulf of Mexico and the Gulf Coast region of Texas and Louisiana.