For those foreign investors who have an interest in the Mexican oil industry, these are great times to live in! As a result of an unfortunate down-tick in the Mexican oil industry, Mexico has made the decision to allow foreign investors in. Several foreign, non-Mexican companies have already taken advantage of the circumstances by placing bids to do business. These companies include Premier Oil, Sierra Oil and Gas and Talos Energy.
In 2015, these three companies won rights to start operations in the Sureste Basin, in a well that is known as Zama-1 well. Drilling began on May 21st, 2017, and ended on July 2nd, 2017. The amount of days that it would take to complete the drilling was estimated to be up to 90 days, though the drilling took a total of 55 days. Each of the three companies owns a share in the operation.
Talos Energy is a very important player when it comes to operations concerning the Zama-1 well They are operating the well, and own thirty five percent of the whole project. On July 12th, 2017, the Houston Chronicle reported that Talos Energy found about 2 billion gallons of water in shallow water off of the coast of Mexico. The article from the Houston Chronicle gives rough estimates of numbers, For example, they say that the well is under 500 feet of water when it is really, in fact, under 546 feet of water.
Talos Energy is a relatively small, private company that employs about 200 people. It may have been one of the more unlikely companies to take on such a big project. It’s base location is in Houston, Texas; in the United States of America. Talos Energy was lucky enough to put in bids for oil rich landscapes, because after they did so the competition for rights off the coast of Mexico heightened.