Talos Energy, a US-based company intends to partner up with Pemex, a Mexican energy firm by 2019. This merger is expected to explore a promising oil and gas well which is yet to be drilled. In 2017, Talos Energy subsidiary known as Zama stumbled upon a significant well deposit in the southern Gulf of Mexico. According to Zama’s findings, the well is estimated to contain about 800 million oil reserves and over 2 billion oil barrels. Pemex is coming in as a partner because it owns a well adjacent to place discovered by the Zama Project.
Talos Energy and Pemex partnership
According to Tim Duncan the chief executive officer of Talos Energy, Pemex is the key partner in this endeavor as it will assist in the exploration of this discovery. This professional has also named Mexico’s Sierra Oil and Gas and Britain’s Premier Oil as the other critical stakeholders in this lucrative business.
This executive is expected to lead this project as well as take over the leadership of Pemex from Andres Manual Lopez, the acting president of the company to fast-track the project. Following the approval of the exploration plan by Mexico’s oil regulator board, the Zama project has vouched to invest $325 million to facilitate drilling and studies which will be performed on the site. This company looks forward to producing 100,000-150,000 barrels of oil every day by the year 2023.
Currently, Talos Energy and Pemex have not yet agreed on the proper channels and infrastructure required to bring the barrels to the market. Fortunately, they are still negotiating on how this undertaking will be made possible. Tim Duncan anticipates that the two companies will focus on constructing platforms approximately 152 meters of water to enhance the drilling process.
The development of these structures is expected to take some time. Tim Duncan plans to use this chance to plot strategies on how to get the barrels on the market as well as how to inform the public about the venture they have engaged in. It is expected that when all these plans are implemented and results are realized, the proceeds of this profitable business will be channeled to the local market.