The consortium behind the development of Zama-1 is branching out to next block. The Talos-energy led group is in talks for a partnership with Mexico-based state-fun company Pemex. Pemex is a provider of gas for Mexico and owns the block next to the consortium’s profitable Zama-1 field. They are set to being drilling around the same time as the Talos-helmed project. Talos Energy has already prepped the field by securing approval for its initial appraisal from Mexico’s oil regulator. The appraisal will see the construction of two new wells by 2019. The wells will cost around $325 million dollars to drill. It is projected that the wells will yield 100,000 to 150,000 barrels per day. This development will be in full swing by 2023.
The Zama-1 field has made waves since its discovery. Once projected as containing 1.4 billion barrels of light crude, it is now said to have 2 billion barrels in all with 800 million for reserves. This has huge implications for the companies involved. For Talos Energy this is long-awaited bonanza.
Talos Energy LLC pinned itself on the map with Zama. The discovery of the oil field was made in 2017. Talso Energy led two other companies in the discovery. UK-based Premeir Oil and Mexico-based Sierra Oil and Gas. The huge find was made off the Gulf of Mexico and represented one-half of Talos’s exploratory efforts. Talos itself was founded in 2012 by Timothy Duncan for the express purpose of exploring, developing, and producing both oil and natural gas from the Gulf Coast and the Gulf of Mexico. The effort was met with a fourteen-year dry spell. Now as the drilling schedule nabs approval the consortium looks at a new problem. How to bring the barrels to the market.
For the barrels to appear on the market an infrastructure will have to be created. Despite garnering approval for drilling, the consortium is still at the beginning stages of figuring that infrastructure out. Pemex may be of great help as it already has an infrastructure. Pemex will gain access to more oil, and Talos will receive a jumpstart in its market efforts.
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