In a move to display their willingness to allow foreign entities access to their country’s energy markets, Mexico has permitted an offshore oil well placement by a private company for the first time in eight decades.
The venture is a collaborative effort between Premier Oil, a company based in London, Talos Energy of Houston, and Mexico’s own Sierra Oil and Gas. In a statement prepared by Premier, it was noted that the last exploration offshore not commanded by a company run by the state was the effort made by Petroleos Mexicanos in 1938.
Premier also explained in the statement that the well, known as Zama-1 is located off the shores of the state of Tabasco in the Sureste Basin and will hold up to 500 million barrels of oil. The three companies were the winners of a bid that took place after the decision was made by Mexico to make the country’s oil industry available to private investors.
Analyst Charlie Sharp says that the drilling in Mexico is one of the most interesting drilling prospects to take place in years due to the potential impact the move can have on the Mexican oil and gas markets.
Talos Energy is responsible for all operations pertaining to the Zama-1 well.
About Talos Energy
Talos Energy LLC is an oil and gas company headquartered in Houston that focuses its efforts on acquisitions and exploration of oil and gas in the Gulf Coast Region. Talos was founded in 2012 and is led by a team of highly qualified professionals with decades of experience in the oil and gas industry. The foundation established by the skilled and experienced team has positioned the company to rapidly grow in activity and reputation while remaining committed to performing operations that are both safe and compliant with environmental protection protocol.