After over 80 years of monopoly by Petroleos Mexicanos, the Mexican government has approved the drilling of oil wells by privately owned oil companies. The country aims at increasing foreign investments through the oil industry.
The first oil well called Zama-1 has been drilled in the deep Mexican waters. Analysts say that the well is geologically placed to be a successful oil producer with an estimation of an existence of up to 500 million barrels of crude oil in the well. The whole drilling process has been budgeted to cost up to $16 million and is expected to take not over 90 days for its compeletion.
Currently, the well is being dug by three different oil companies which include Premier Oil from London which controls 25 percent of the project, Huston based Talos Energy which holds 35 percent of the project, and Sierra Oil and Gas based in Mexico which controls 40 percent of the whole project. The three companies are expected to deliver a lot from the first privately owned oil well in the whole of Mexico with expectation that more privately owned oil wells will emerge in the coming future. Zama-1 has been described as the best oil venture for the year.
About Talos Energy
Talos Energy was founded by Tim Duncan and his partners in 2012 with the aim of exploring oil in the gulf coast especially the shores of Mexico. The company specializes in offshore oil exploration ranging from acquiring oil-related assets to drilling wells of their own to produce oil.
The owners of the company hold rich experience in dealing with oil and oil-related businesses. This is backed up by the fact that before Talos Energy, the owners established and developed two oil companies which they sold while they were at their very highest. These companies are namely Phoenix Exploration Co. and Gryphon Exploration Co.
Talos Energy has a primary principle of maximizing their investors’ investments and at the same time maintaining and conserving the environment. Interesting to note, the initiative is something which a lot of oil companies don’t take into consideration. The company puts into use the best technology to achieve their objectives.
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