Mexico is making big moves in the energy market. For the first time in 80 years they have allowed a private company to build an oil well in their waters.
The well is a joint venture between Premier Oil, Talos Energy, and Mexico’s Sierra Oil and Gas. The Zama-1 well holds an estimated 100-500 million barrels of crude oil. Mexico opened the bidding in 2015 in hopes of reviving its anemic oil business to private investment.
Experts are confident that this project has a high geological chance of success. They are intrigued at this project and what it may mean for the future of Mexico, and the global oil community.
The aforementioned Talos Energy is a Houston based energy company that has found success recently.Their philosophy focuses on exploration and collection of new energy sources. As evidenced by the Zama-1 project, they are heavily involved in the Mexican region.
Talos Energy puts a lot of time and resources into the development the Mexican oil industry. They have a talented group of professionals that know how to maximize profit and eliminate waste.
A large part of their investment goes into the acquisition of a copious amount of seismic data on all of their investments. They do their due diligence and ensure that their operations are as safe and profitable as possible.
Mexican waters offer a huge opportunity for oil acquisition. This development has the potential to create a massive boon in the industry. For the first time in 80 years the Mexican government has opened their oil supply to private companies. They opened up the bidding in 2015 and three companies won the right to drill in their waters.
Houston based Talos Energy leads a group of three that are tapping the vast supply of oil. Talos dedicates its effort into tapping the vast reserve of oil in the Mexican region. This project offers a good chance for a high payout.