The U.S. oil company, Talos Energy, is seeking to partner with the state-run Mexican oil company, Pemex, to jointly develop a prospective and potentially oil-rich area. The area in question was in 2017 discovered by Zama, a subsidiary of Talos Energy, to contain huge field of oil. The area neighbor’s an area owned by Pemex that was found to also have huge oil field earlier this year. Talos Energy is even now in the works to tap into its earlier find and wants Premex to join its groups of company partners. Talos Energy is led by its Chief Executive Officer, Tim Duncan.
Duncan hopes that he can secure a deal between Talos Energy and Pemex by the end of the year. Mexico’s president-elect, Lopez Obrador, who takes office in December has promised to strengthen Pemex. At this time he has not given many details about how he intends to do this. However, rumors from insiders suggest that he may be offering service contracts to various private companies such as Talos Energy to partner with Pemex in extracting oil. He will be doing this to help curb a 14-year production slump by Pemex.
In September of this year, Mexico approved appraisal plan for what is called the Zama Project in which Talos Energy will invest $325 million to drill two new wells in the area. A very intense study of the territory has led experts to predict that it will produce 100,000 to 150,000 barrels for day Talos and any partners by 2023. The project is in the works right now and will involve the construction of these platforms in 500 feet of water. It is hoped that Pemex can join this Talos led multi company effort by the first of 2019. It looks like this partnership will, in fact, become reality.
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