A United States-based group named Talos Energy is looking to team up with Pemex. Pemex is a state-run energy firm in Mexico. The two energy firms want to create lucrative oil together. The plans include gas discovery as well.
Talos’ project named Zama came up with a major oil deposit while working in the southern Gulf area of Mexico. The project was going in the shallow waters. This oil reservoir had the capacity to hold 2 billion barrels. In addition, it could hold almost 800 million barrels in recovery as well.
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This oil reservoir discovery extends into Pemex’s block. The Mexican firm had plans for drilling in that southern area as well. They are going to drill their own well by the end of 2018.
The Chief Executive Officer of Talos named Tim Duncan was interviewed recently, and he said that they want to analyze their data. This will help both the firms. Talos Energy intends to team up with Pemex as soon as possible and wants to come up with a strategy that would benefit both firms.
Mr. Duncan said that a team including Mexico’s Sierra Oil and Gas, Talos and Britain’s Premier Oil would all share their data about the project with Pemex. All the firms are looking to finalize their deals by the end of 2019.
The CEO of Talos Energy participated in a recent meeting with President Andres Manual Obrador. The President-elect has promised that he will strengthen Pemex even more by the end of this year.
The President encouraged energy firms such as Talos in this meeting. They want to produce more oil barrels as soon as possible. This will help reverse a decade long production. The oil regulator of Mexico approved an appraisal deal for Talos’ project in September. The team from Talos Energy will invest around $ 325 million to drill more wells. They are also looking to complete their research by 2019.
Tim Duncan was reported saying that drilling will begin by the end of this month. The predicted production will be around 150,000 barrels each day by 2023.
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