Talos Energy is focused on the Gulf of Mexico and the Gulf Coast. They bring a tremendous range of expertise to bear on their projects and an intensity in optimizing assets that few oil companies can match. Their offshore production and exploration efforts are greatly enhanced with their three-dimensional mapping which incorporates the latest technology to document seismic pictures.
In recent news, Talos Energy has partnered with two other companies to make history. They have drilled a private well in Mexican territorial waters after winning a round of bidding for the project. The Mexican government has authorized foreign investment in their oil industry for the first time in 80 years. Premier Oil Plc, which is London-based and Mexico’s Sierra Oil & Gas also participated in the historic project. The Mexican oil industry was nationalized in 1938 and all operations were accomplished by Petroleos Mexicanos.
The well is called Zama-1 and is located in the Sureste Basin near the state of Tabasco. It is estimated to hold 100-500 million barrels of crude and will provide a critical capital infusion into the Mexican oil industry to help it modernize and become more efficient.
Elaine Reynolds, an analyst at Edison Investment Research Ltd. in London, has stated the industry will watch with great interest as the results of the drilling are made known. From a geological standpoint, she believes there is a strong chance of success. Talos Energy will operate the well and controls a 35% stake in the project. Sierra will hold 40% and Premier will own 25%.
Tim Duncan is the CEO of Talos Energy and believes the successful drilling will indeed lead to local jobs and more revenue for the Mexican government. A spirit of ingenuity is also at work, according to Duncan and he relays the sense of urgency that a company like Talos can bring forth in a successful project like Zama-1.
Talos Energy is an independent operator and they access geologic information that involves 3-D seismic data. This data covers 33,000 square miles in the Gulf of Mexico and onshore in South Louisiana. This sets them apart as a company along with the great depth of technical abilities that their staff brings forth in utilizing this important data.
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