Based on a article posted by Workboat.com a private company has recently built a new offshore oil well in Mexican waters. The oil well is the first to spring up within Mexican borders in the past 80 years due to a ban on foreign competitors. On May 21st Mexico’s Sierra Oil & Gas began the process of drilling with Premier Oil Plc and Talos Energy LLC. Due to the earlier monopoly set in place by Petroleos Mexicanos, this joint venture is the first offshore oil well that is not completely state-run.
In 2015 the three companies won the right to drill at an auction when Mexico opened oil drilling up to foreign companies. The drill-site is known as the Zama-1 well and is located near the state of Tabasco in the Sureste Basin. The basin is predicted to have anywhere from 100 million barrels to 500 million barrels of oil. All three companies estimate that it will take around 90 days to extract all the crude oil and cost approximately $16 million. The process of drilling and the extraction of the crude oil will be heavily monitored by both the companies involved and Mexico.
The company that will be actually operating on the well is Talos Energy LLC. Talos holds a 35% stake in the project. The independent company wich began in 2012 has hundreds of specialized workers who have decades of experience in the field of oil drilling as well as offshore production and exploration. Primarily working along the Gulf of Mexico, Talos considers itself an expert at aquiring and developing deepwater assets with innovative seismic technologies. These technologies allow for more product to be harvested with little or no damage to the environment.
Talos believes that their great success in their field comes from the fact that they are able to maintain control throughout the majority of their drilling processes. This enables them to monitor every aspect of their operations. With their critical eye Talos can improve production performance on their products, increase hydrocarbon recovery, use specialized drilling techniques and continue to comply with health, safety and environmental obligations.
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