In looking at the article on WorkBoat pertaining to the Mexico oil reform, we can learn more of how in the first time in 80 years, a private company created an offshore oil well in Mexican waters. The article goes on to talk of how Houston’s Talos Energy LLC, as well as two other oil companies, one from London, and the other from Mexico, began drilling the well on in mid-May of 2017. This oil well creation is monumental as it creates a competitor to the Petroleos Mexicanos, who have been the monopoly oil supplier in Mexico since 1938. The well created by the 3-company partnership is called the Zama-1, and it is located in the Sureste Basin. It holds between 100 million and 500 million barrels of crude oil. The article cites that the drilling for the well is expected to take 90 days from the start date to complete, and it will cost just one company 16 million. The rights to the Zama-1 were settled to the 3 companies in 2015, after Mexico went on to open their oil industry to private investment.
In taking a closer look at one of the companies which has invested in the Zama-1 well, being Talos Energy, we can learn about the acclaim of the company, under commercial manager Ash Shepherd who earned the Oil and Gas Investor’s thirty under 40 honor. In looking at a post on Talos Energies’ Facebook page, from July 12, 2017 we can see a post announcing their claim of the Zama-1 oil well in Mexico at a 35% participating interest. The post goes on to highlight some of the main characteristics of the oil well, being things such as 1.4-2.0 billion barrel in place estimate, which exceeded pre-drill estimates.
Furthermore, in looking at an article on Business Wire pertaining to Talos’ acquisition of Energy Resources Technology, we can learn more of Talos’ business dealings. In addition to acquiring ERT, Talos also went on to obtain Helix Energy Solutions Group, Inc. The acquisition of ERT was vital for Talos, as ERT had just discovered a well named the Wang exploration well.
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