Major energy and oil companies are pointing directly into a goldmine situated in Pemex lowland in the Mexican Gulf. This is the Zama 1 well, which is estimated to hold approximately 100 million to 500 million barrel of unprocessed oil. At the drilling process kicks off, it surely is a mine the industry is keen to watch. There are two main reasons drawing the well to attention. First is because it is the first in the Mexican waters to be exploited by privately held companies. Secondly, the well has great geological deposits as an analyst, Elaine Reynolds of Edison Investment Research affirmatively reported and read full article.
Charlie Sharp of Canaccord Genuity Ltd seconds Mr. Reynolds’ statement and further on says it will be interesting to watch how the oil and gas industry will go in this drilling year. The exploitation is a joint venture between three competitors; Sierra Oil & gas company, Talos Energy LLC in Houston and Premier Oil Plc in London. The three won exploitation right to the Zama 1 well. Premier Oil Plc. The estimated drilling cost of $16 million which should be complete in 90 days and Talos’s lacrosse camp.
This beats the norm of oil and gas exploitation by the only and state-owned company Petroleos Mexicanos. Since 1938 when Mexico began drilling oil it is the only company in the industry that has the right to Mexican waters. When the exploration yields some profit it will be share in the ration of 35% to 40% to 25% among Talos Energy, Sierra Oil &Gas company and Premier Oil Plc respectively and what Talos Energy knows.
About Talos Energy
This is an energy company dealing with oil and gas exploitation and the subsequent processing and sale of products. It recently acquired patent rights jointly to the Gulf of Mexico and another resource in Gulf Coast. Tim Duncan who is Talos Energy’s President and Chief Executive Officer recently announced the acquisition of Energy Resource Technology. It is also seized acquisition of gas and oil property in a bid to expand their scope and operations. Talos Energy operated with over $600 million in equity than to Riverstone Holdings and Apollo Global Management in Houston and contact their.