Talos Energy, a Houston-based private oil and gas company, finds its fortunes in the Gulf of Mexico. Recently, the consortium led by Talos found a “world class” oil reserve in the Gulf of Mexico. The reports confirm that the reserve can produce up to 2bn barrels of oil. Talos confirmed that it is a “significant and historic discovery” and can produce the range of 1.4bn to 2bn barrels. According to Pablo Medina, an energy analyst, the field is one of the 20 largest deep-water field discovered in the last two decades. It should be noted that the latest discovery is after two years of the announcement of the Mexican government to open the country’s oil industry to the private players – solely ruled by the state-owned firm Pemex for 80 years.
The works on the oil well that is located 37 miles from the southern coast originally started on May 21. Talos named the well as Zama-1 and confirmed that it can make an excellent prospect for the company. It further revealed that well is in 546 feet of water and already reached the initial vertical depth of 11,000 feet. Talos and their partners are planning to drill the Zama to 14,000 feet to make the most of it. Since Talos holds 35% interest in the well per the consortium, it can add significant income and capacity expansion in the coming years.
“We think that the discovery gives what it required to deliver in terms of energy reforms: new participants, the new capital, and a spirit of ingenuity that ensures local jobs and revenue for the government of Mexico,” said the Chief Executive Officer of Talos, Tim Duncan. Currently, the consortium plans to start a drilling program by next year, and the companies are looking for options to tap the 122,000-acre exploration block most appropriately.
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