A well was drilled in Mexican waters and it is a three-way partnership of private companies. The joint venture involves Premier Oil Plc. out of London, Talos Energy LLC from Houston, and Sierra Oil & Gas located in Mexico.
The well is called Zama-1 and is located in the Sureste Basin near the Mexican state of Tabasco. The well could conceivably extract 100-500 million barrels of crude oil according to estimates. Premier Oil put forth these figures in the press release. The drilling of the well may take up to 90 days. The three companies won a round of bidding in 2015 after Mexico decided to open up their oil industry to foreign investment.
A noted analyst, Elaine Reynolds, from Edison Investment Research Ltd., has commented upon the interest that this endeavor has generated in the industry. From a geological perspective, the structure of the basin is likely to bring forth success. Another analyst also related the importance of this development to the Mexican oil market.
Talos Energy is a privately held company based in Houston, Tx. whose focus is on the Gulf of Mexico and the Gulf Coast. They have considerable experience in these areas. Both management and their technical teams have spent the majority of their careers working in said territories. They employ a wide range of the latest technological advances to maximize their efficiency and production.
One great example of their technological prowess is their database of seismic data. This enables them to accurately map the terrain in which they are operating. This is a three-dimensional process that covers nearly all of the acreage in their portfolio. It allows for optimization of their drilling and better evaluation of new possibilities.
Talos Energy takes great pride in producing the energy which helps fuel the world. They also place great emphasis on safely developing their energy products. Environmental safety is a driving force within the company amongst all divisions.