Pemex And Talos Energy Team Up For Zama Find

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.

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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Talos Energy Is Keen On Higher Risk Gulf Water Explorations

Talos Energy CEO Tim Duncan knows full well that drilling into the ground on the dusty plains of the Texas Permian basin might be more of a sure thing than sinking a well deep into the waters of the Gulf of Mexico. But he also knows something else. An underwater Gulf well can produce oil for decades while a so-called “sure thing” on the plains of Texas may give up in just a year or two.

That’s why Duncan is putting his company’s focus on the often stormy Gulf waters. Yes, it more expensive, dangerous, risky and chancy to drill underwater, but the payoff can be huge.

Take, for example, the bold venture Talos Energy has entered with the Mexican energy giant Pemex and two other partners. Leading the way, Talos engineers dropped a well in Mexican Gulf waters in 2017. The results look spectacular so far.

Dubbed the ZAMA-1, the well appears to have found possibly as much a two billion barrels of crude equivalent. Lower end estimates say the well may bring 1.4 billion. Whatever the case, once the site is developed, it promises to pump forth millions of barrels of oil over a multi-year time span. Pemex and Mexican government officials have high hopes that ZAMA-1 will prove to be a lucrative gamble.

Talos partnered with Premier Oil of the U.K. and Sierra Gas & Oil, a Latin American energy exploration company. Talos will hold a 35% share in ZAMA-1.

The project is a striking example of how Tim Duncan plans to roll out the future of his company. High-risk, high-stakes ventures, yes, but potentially mega-profitable deepwater wells in locations few others are willing to tackle.

Talos Energy is based in Houston, Texas. The Houston Chronicle named Talos as a Best Places To Work for the past four years — another accolade that Tim Duncan wears proudly as leader of his team.

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Talos Energy: What A Cool Name!

Energy is the name of the game, and as the old saying goes, “may the best man win.” Talos Energy is in it to win it. Of course, the same goes for everyone who goes into business doing anything. Success is always the ultimate goal. Those who can’t compete go out of business. It’s sad, but true. It is a tough world, and this particular tough world runs on oil.

It’s safe to say that everyone alive depends on oil in some way. Virtually everything mankind manufactures today, and for quite some time now, depends on crude oil, again, in some small way. There are those who may say that agriculture is all natural and good, however, the machinery used to cultivate large crops runs on fuel. Even if the machinery didn’t run on fuel, the raw materials needed to make heavy equipment, and manufacture it, require serious energy. Even the teeny tiny screws holding your cell phone together are composed of high quality steel which has to be mined and manufactured. The glass screen on your cell phone has to be melted and manufactured. Even the so called “Alternative Energy” methods require equipment that cannot even be manufactured without fossil fuel, or crude oil. For example, solar panels can’t even be made without crude oil. So, even alternative energy relies on fossil fuel. It’s a tough equation, but the answer is pretty much the same every time: Oil.

The entire population will throw their opinions into the ring all day long, making arguments for and against fossil fuel. The debates get heated at times (no pun intended) yet the demand for oil only ever increases. Thankfully there are great, capable people out there willing to dedicate their lives to extracting the black gold that already exists right here on the good Earth. Talos Energy is a team of staggeringly experienced people in the most important field of energy. Exploration and exploitation of the valuable resources in America are their specialty, and since we all depend on oil in one way or another, we should all be rooting for team Talos. Who else is going to get that oil, you? No, of course not. We the people only ever take advantage of energy brought to us by these very hard-working people. We complain about the prices all the time, however, I suspect that we would stop complaining so much if we had to get our own oil.

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Why Talos Energy Sticks To Drilling For Oil And Gas Offshore

Talos Energy is a Houston-based oil and gas company that performs offshore exploration and production. This company was founded in 2012 by Tim Duncan, John Harrison, John Parker, and Stephen Heitzman. They have a number of assets in and around the Gulf of Mexico.

Chief Executive Officer Tim Duncan says that he was in the midst of completing a $2.5 billion merger between his company and Stone Energy when Hurricane Harvey hit the Houston area. His home was flooded and so he evacuated his family out of state where they would be safe. He, however, needed to stay put in order to finish the merger negotiations. He ended up staying at his parent’s house where he spent several weeks continuing to negotiate with the team at Stone Energy Company.

Tim Duncan recalls that he told himself he couldn’t use Hurricane Harvey as an excuse to not getting this deal completed. He says that he worked from the kitchen table late into each night until the two parties came to an agreement. The main consequence of this deal was that, as Stone Energy was a publically traded firm, once the two companies merged Talos Energy took over the public listing.

After the merger was completed Talos Energy became a company with $900 million in annual revenues. Virtually all of their assets are in and around the Gulf of Mexico. Their balance sheet is also in great shape with $2.3 billion in assets and $700 million in debt. However, they take a high risk/high reward approach so where they drill the platforms can cost up to a few hundred million each.

Tim Duncan says that most oil drilling companies stick to the Permian shale. He says that while that is a safer bet the problem is that the wells stop producing after a few years. Where Talos Energy drills for oil it is more risky with one out of three drillings turning out to be dry. However, when oil is hit it can produce oil and gas for a decade. It is for this reason that Talos Energy has not joined the stampede to onshore drilling.

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OBSIDIAN ENERGY’S TRANSFORMATION JOURNEY

Obsidian Energy is a conventional gas and oil producing company situated in Alberta, Canada. It recently changed its name from Penn West Petroleum following a continuing resolution in the company’s structure. In June 2017, a vote for the name change was conducted during the shareholders AGM with 92% of the votes favoring the resolution. David French the company’s CEO stated that they plan to oversee a moderate growth in the next few years with budgets tightly tied to the prices of gas and oil. The name change would cover the company’s high levels of debt, a crash on commodity price and an accounting scandal in 2017 that made investors act on lawsuits that had been settled in the previous year.

 

In mid-2014, Penn West Petroleum announced that they were experiencing improper classification of expenses that had led to the loss of so much money in millions. The situation forced them to restate their reports of finance from 2012 to March 2014. The scandals forced the company to reduce the employees count from 1,400 to about 400 and their product from 135,000 to 28,000 oil barrels in a day. Obsidian Energy then used their asset sales to reduce their net debt from about $3 billion in 2013 to $384 million in March 2017. In November 2017, they announced that they had settled a lawsuit filed by the US SEC in June 2017 concerning the 2014 restatement of particular financial results with $8.5 million. The settlement terms required the company to pay the stated amount without denying or admitting the allegations. This move would restore the company’s long-term Legacy.

 

Obsidian runs under three principles; innovation and relentless progress pursuit, disciplined commercial and technical decision making to protect and build enterprise value, and transparent and accountable efforts with their partners, shareholders, and operational communities. Obsidian Energy is now well-positioned with a balance sheet that’s healthy, a hedging strategy that is prudent and right assets that would allow it to set performance standards even in environments with lower prices. Its operations would now be different from those of Penn West Petroleum since it is now a smaller company whose maintenance will be easy to handle.

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