It is an exciting thing to watch a paradigm shift in Mexican water since state-owned drilling companies have conventionally explored them. For the first time, a private company will be allowed to drill and explore oil deposits in the Pernex platforms in the Gulf of Mexico. The Talos Energy LLC, Premier Oil Co. based in London and the Mexican Sierra Oil & Gas Co has been given the required accreditation to begin the drilling process. They will share stake according to their investment ratio. Premier will go with 25%, Talos Energy with 35% and Sierra with 40%.
Zama 1 well which is the largest crude oil deposit is the prime target for the companies. Premier reportedly said that the resource has the capacity to produce between 100 million to 500 million crude oil barrels. It is estimated that the drilling will demand about $16 million and be complete in 90 days.
Elaine Reynolds, an analyst with Edison Investment Research, said that the deposit is a goldmine and may bring energy reforms if successful. Further on the denoted it one that should be watched keenly and likely to take the industry market by storm. Charlie Sharp of Canacord Genuity Ltd. Similarly, concurs with Elaine Reynold in the Zama 1 well being one of the promising in the geographical area.
About Talos Energy
Talos Energy LLC is an oil and gas company privately held. It is based in Houston. The company is currently pursuing acquisition or exploitation of gas and oil resource at the Gulf Coast and the Gulf of Mexico. Talos has already acquired the Energy Resource Technology GOM Inc from the parent company Helix Energy Solutions Group at the cost of $ 620 million. The Wang Exploration well is another target located in Green Canyon, Block 237. It has 100 feet oil deposits of high quality.
Financial institutions such as Apollo Global Management LLC, Riverstone Holdings LLC. And the Talos Reserve and Management have boosted operations and expansion strategies. Collectively they have invested over $ 600 million in equity. Talos Energy LLC enjoys wise counsel and leadership of Tim Duncan who is the Group’s President and Chief Executive Officer.