The recent opening of Mexico energy sector to private drilling seems to have paid off because for the first time in 80 years, a joint venture of Premium Oil Plc, Mexican sierra Oil &gas, and Talos Energy LLC has made a historic oil discovery in Mexican offshore. The three companies won rights to the prospects in 2015 in the initial round of bidding after the country opened the energy sector to private investors.
According to preliminary analysis, the new Zama-1 Well, located in the Basin off Tabasco State, was initially estimated to hold 100 million to over 500 million barrels, which could even go beyond the neighboring blocks. Since, this is the first offshore exploration well to be drilled by any company other than Petroleos Mexicanos; the three companies are keenly watched by the industry. Preliminary analysis indicates that the project has higher chances because of geological factors. Talos Energy LLC, the operator of the Block owns 35 % and is optimistic about the discovery. Mexican Sierra Oil & gas and Premium plc hold 40 % and 20% consecutively.
About Talos Energy LLC
Talos Energy LLC is an independent private oil and gas company whose primary focus is offshore oil and gas exploration and production. Oil and gas is a fundamental energy source, and Talos Energy LLC is focused on innovative ways to get more of this valuable resource in areas that were thought to be unreachable. Thus, the company expertise is based upon acquiring assets in Mexico and Gulf coasts regions with primary emphasis on asset optimization.
Talos was founded in 2012 and is located in Texas, and its success is delivered from its devotion to supporting their client’s operation vision and the investment funds affiliated with Apollo Global Management(NYSE: APO) River Stone LLC as well as Talos management.