Competition within the energy market in Mexico is expected to escalate to all-time high levels after the 80-years absence of private firms came to an end in May this year. Talos Energy LLC, Sierra Oil & Gas, and Premier Oil Plc from USA, Mexico, and England respectively are among the private companies to ignite competition with Petroleos Mexicanos- a state-owned oil drilling company. The three private companies will be drilling the Zama-1 well, marking not only the entry of the private companies in Mexico’s oil drilling industry but also the entrance of foreign companies. This is a huge step towards the privatization law that was passed a couple of years ago, bringing the curtains down for Petroles Mexicanos monopoly that started way back in 1938.
Zama-1 well falls within the state of Tabasco and in the popular Sureste Basin. Earlier estimations showed that the well could produce up to a half billion barrels of crude oil, with the minimum number set at 100 million barrels. Sources within the three drilling companies revealed that the drilling process would consume not less than $16 million and would take three months to complete. As the pioneers of the Mexican oil reforms, the three oil companies carry the burden of marketing Mexico’s oil industry globally.
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According to Elaine Reynolds, an investments analyst from London’s Edison Investment Research Ltd., investors from across the world will be keenly following the drilling process at Zama-1 well. Another analyst, Mr. Charlie Sharp from Canaccord Genuity Ltd., argued that Zama could be the most interesting piece of business that is yet to be seen in Mexico’s oilfields. In his assessment, the well will be having a far-reaching implication on Mexico’s economy. On a geological point of view, the well will be starting with one foot in the front particularly because of the strategic positioning of the Sureste Basin.
Talos Energy LLC is one of the largest oil and gas drilling companies in the United States. With its headquarters based in Houston, USA, the firm mainly operates in the Gulf Coast and the Gulf of Mexico.
Among the key shareholders of the Apollo Global Management, LLC and Riverstone Holdings LLC. The company recently acquired the Energy Resource Technology GOM, Inc in a move to expanding its infrastructure and expertise.
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August 11, 2014, marked a new dawn for Mexico as President Peña Nieto signed into law a comprehensive energy reform. The new rules governing the Mexico’s energy sector favor foreign investors in the sector, unlike the 1938 regulations that banished foreign investors. A year later, international companies including Britain’s Premier Oil and America’s Talos Energy won rights to prospect for oil in the Gulf of Mexico.
The two international energy companies alongside Mexico’s Sierra Oil & Gas are working together to drill the first non-Pemex oil well in almost 80 years, the Zama-1. The oil well according to Premier oil contains between 100 million to 500 million barrels of unrefined oil. The statement issued by Premier in Mid-May, 2017, went on to suggest that once drilling, which was scheduled to commence on May 21, begins, it would take about 90 days to reach completion. Premier owns a 25 percent stake in the venture, and at the start of drilling, the London based company contributed $16 million to jump-start the drilling works.
Once the news about the Zama Well hit the headlines across the globe, analysts, investors, and other interested parties became interested in the goings-on in the Mexico oil sector. Investment analysts such as Charlie Sharp and Elaine Reynolds shared the same sentiments that the Zama Well, if successful, would alter Mexico’s dwindling fortunes in oil sector. Reynolds is an analyst at Edison Investment Research while Sharp is an analyst at Canaccord Genuity.
Houston-based Talos Energy owns a 35 percent stake in the joint venture. The private company was established in 2012 to focus solely on the Gulf of Mexico and Gulf Coast. The company which is backed by investment funds from Riverstone Holdings LLC and Apollo Global Management explores or acquires oil and gas properties in the mentioned areas.
In an interest to cement its presence in the Gulf of Mexico, Talos Energy through its subsidiary Talos Production LLC acquired Energy Resource Technology GOM, an oil and gas subsidiary of Helix Energy Solutions Group for a whopping $620 million. The transaction took place in 2013. The Zama Well is the beginning of Talos Energy’s reins in the Gulf of Mexico.
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