For the first time in history, oil has been discovered offshore in Mexico. Talos Energy-LLC is a private oil and gas company based in Houston.
Talos Energy has completed obtaining access to Energy Resource Technology, GOM Inc. (ERT) which has established drilling rights for 16,155 barrels of oil per day. The well was dug on May 21st of this year. It was dug by a cooperative team which consisted of London’s Premier Oil PLC- Talos Energy LLC, and Mexico’s Sierra Oil and Gas instead of Petroleos Mexicanos. The well is named Zama-1 and is located in the Sureste Basin off the state of Tabasco that holds 100 million to 500 million barrels of crude oil. Drilling will take 90 days at the cost of $16 million. Talos owns 35% stake, Sierra 40% and Premier 25% in agreement with a statement by Premier from workboat.com. Management in Mexico, with Talos Energy LLC is taken care of by Ash Shepherd.
Ash Shepherd is the commercial manager for Mexico Talos LLC. Talos is the first oil drilling offshore for Mexico since 1938. The Mexican government lacked regulatory framework and had little foreign investment unlike the U.S. Mexico is a huge opportunity for drilling companies. There are many untapped resources in Mexico that have yet to be exploited. The new well is in 546 ft (166 meters) of water and 37 miles (60 kilometers) from the Port of Dos Bocas whose target is vertical depth of 11,100 ft. (3,383 meters). The estimated amount of barrels is 1.4 to 2.0 billion barrels. In light of this drilling discovery, there could be more oil waiting for acquisitions, off the coast of Mexico for many years to come. There is much exploration left ahead of Taos Energy LLC to get done in the next few years.