A PRIVATE COMPANY SINKS AN OFFSHORE WELL IN MEXICO

A private corporation sank the first offshore well in over half a century. Talos oil the company mandated to do the job is the first ever private company to be given the job. This is the newest step in the government drive to allow foreign investors back into their energy industry. The drilling is a partnership between three private companies the Talos Energy LLC from Houston , Premier Oil Plc. from London, and Sierra Oil Company from Mexico. In his statement, the Premier said that the drilling had started on 21 May. The Premier also added that it was the first exploration to be launched by a private company since the monopolization by the state owned company the Petroleos Mexicans in 1938.

The drilling is set to cost a total of $16 million, and it will take a total of ninety days for it to complete. The said well (Zama-1) is situated in the state of Tabasco in the Sureste Basin. It is estimated to hold a total of 100million to 500million barrels of oil. After Mexico Opted to the opening of its industry to the private company, the three companies won the rights to undertake the operation.

A London based analyst, Elaine Reynolds said that it is the first non-Pemex well to be drill it will be watched closely by the government Oil industries. She added that because of the geological location of the site the chance of drilling success is high. Charlie Sharp, another analyst from Canaccord Genuity Ltd, added that Zama is one of the interesting wells to be drilled because of the implication it will have on the Mexican market.

About Talos Energy LLC

Talos is a private company which is situated in Houston. Its main objective is in the exploration and acquisition of oil properties in the Gulf of Mexico. Its money comes mainly from Apollo Global Management, LLC, and the Riverstone Holdings LLC.Its staff’s members have a lot of experience in this industry has spent most of their career on the Gulf Coast of Louisiana and the Gulf of Mexico. The company uses modern technologies and has expert employees who work efficiently thus making the company successful in the drilling processes.

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