Mexican oil industry has begun to see the benefits brought about by the industry’s recent policy reforms. Having monopolized oil mining in the country to Petroleos Mexicanos in 1938, Mexico has for the first time in about 80 years allowed foreign competition into the oil mining sub-sector. The result has seen a collaborative effort of Talos Energy based in Houston, Sierra Oil & Gas from Mexico and Premier Oil from London drill a private offshore oil well.
Launched sometimes in May this year according to Bloomberg, the Zama-1 well has reportedly been estimated to generate between 100 million and 500 million barrels of crude-oil. This private investment has been projected to cost about $16 million and oil drilling process estimated to run for about 3 months.
Elaine Reynolds, a strategic analyst from Edison Investment Research, has indicated that the project shall be closely monitored by various industry stakeholders since it’s the first after the government reforms in the sector. Similar sentiments have also been echoed by Charlie Sharp, another analyst form Canaccord Genuity Ltd, referring to Zama-1 as one of the most interesting oil projects in mining sector. Talos Energy is the operator company and holds 35% stake while Sierra Oil $ Gas and Premier owns 40% and 25% respectively.
About Talos Energy
Talos Energy is a Houston based oil and gas private company focusing its exploration and production mining operations in Mexico and the Gulf coast. Established in 2012, the company boasts of innovative and experienced leadership and has since helped it make significant achievements in its oil and gas mining ventures. The firm has continued to capitalize on its strengths including its seismic library, technological capabilities, and strategic collaborations to build an appealing performance track record.
In a calculated move to expand its operations, Talos Energy has continued to make strategic acquisitions in the recent past. According to Business Wire, one of the most popular business publications in the region, the firm completed the purchase of Energy Resource Technology for a deal of $620 million. Tim Duncan, Talos Energy’s president and Chief Executive Officer, has reportedly expressed his joy following the acquisition terming it a key milestone for the company. Talos Energy has been cited to present a brighter future to its stakeholders.
To Learn More : www.facebook.com/talos.energy/