One of the oil and gas exploration zones that has been far from the reach of private corporations has been the Mexican waters. Since the government of Mexico nationalized the country’s oil and gas reserves more than a century ago, no oil company has been able to get any exploration and drilling rights awarded to them successfully.
The Mexican waters are known by experts to be rich in oil and other resources. Recently there has been a doubt cast over the future of Mexico’s capability to harness resources from the oil-rich waters under its jurisdiction. The fact that multiple challenges ravage the country’s energy and oil sector, the Mexican government has finally opened Mexican waters to private companies after a wait that exceeds 80 years.
One of the beneficiaries of the opening up of the Mexican waters to exploration by foreign firms is Talos Energy. In a joint venture, Premier Oil Plc that has its base in London, United Kingdom, Mexico’s Sierra and Gas together with Talos energy are working on a joint mission to drill oil wells in parts of the Mexican oil-rich waters.
The drilling of the oil wells by the three companies begun back in May, these details were earlier released by Premier Oil. The data released by Premier Oil Plc further shows that the oil wells being explored are capable of producing approximately 500 million barrels of crude oil. The amount of oil found in this region is far from what had been earlier expected, and the three companies are set to see massive turnovers in coming quarters.
2015 saw Talos energy win the drilling rights to the Zama-1 well. The cost of drilling the well is set to cost the company approximately $16 million, and it would take 90 days for the Zama-1 well to be fully drilled before the extraction of oil begins.
Talos Energy is one of the upcoming reputable oil and gas exploration companies in the world. According to a recent audit, it was recorded that the energy firm holds an excess of $600 million in equity obtained from the company’s previous associates.
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