Mexico, for the first time in 80 years has allowed the private sector back into the country’s energy industry. The industry has been on an ailing trend forcing the government to take measures. As a result, the first offshore well to be sunk by the private sector was launched. The Zama-1 well exploration will be undertaken by a joint venture between three companies. The three firms, Premier Oil Plc, Houston Talos Energy, and Mexico Sierra Oil & Gas Company began exploration on May 21st. The well is the first of its kind to be drilled by another company other than Petroleos Mexicanos.
The well holds an estimated 100-500 million barrels of crude oil. According to a statement released by Premier, the sinking of the well is expected to take three months at an estimated cost of $ 16 million. The three organizations won the bid in the first round of bidding. Talos Energy will operate the well with a 35 percent stake. Sierra has 40 percent stake while Premier holds 25 percent. It marks the first step towards bringing reforms in the country’s energy sector. The many tests done indicate a high chance of success.
Talos Energy is a private and independent Oil and Gas company. It specializes in offshore exploration and drilling. They focus on the acquisition of assets around the Gulf Coast and the Gulf of Mexico. However, much emphasis is put on asset optimization and exploration. Over the years, the company has adopted innovative ways of keeping up with the competition. As a result, they employ creative and result-driven people into their workforce. They have a collaborative and entrepreneurial culture.
Talos Energy prides itself on geological, geophysical and operating experience in the Gulf of Mexico. They employ a strategy aimed at acquisition, exploitation, and exploration of the basin by utilizing their seismic database. The company’s success is attributed to the increased level of hydrocarbon recovery. It is achieved through the use of specialized drilling and completion techniques. They understand that the workforce is more critical than the machines. Therefore, they commit to observing the highest health and safety standards.
To Learn More : www.talosenergyllc.com/about-us/