Talos Energy Begins Next Phase Of Zama-1 Production
Good news for Mexico it looks like the end of a fourteen-year drought may finally be on the way. Last year the discovery of 1.4 billion gallons of light crude by Texas-based oil and gas company Talos Energy made lots of headlines. The discovery was actually made by a consortium of natural resource companies with Talos Energy at the head. The other companies involved were UK-based company Premier Oil and Mexico’s own Sierra Oil and Gas. This has great implications for the home countries of each company. The oil was discovered on the Zama-1 field off Gulf of Mexico. According to projections there may be more than just 4.1 billion gallons to be had, and that is not including the reserve oil.
This is a placeholder account for Talos Energy LLC in Houston, Texas. Questions about the company should be directed to 713-328-3000.
— talosenergy (@talosenergyllc) February 12, 2013
Talos Energy was founded in 2012 by Timothy Duncan. The company’s goal was to explore, develop, and produce natural gas and oil properties within the Gulf Coast and the Gulf of Mexico. The Zama-1 field has been their biggest find so far. The entire operations are set to begin producing oil by 2023. It is projected that by then the field will be yielding 100,000 to 150,000 gallons of crude a day. It will take some doing to get to this point however. Luckily, they have the Mexican government on their side. They have a big stake in success of Zama-1.
So far, the operation is in good shape. The Mexico’s oil regulator already signed off on Talos’s appraisal and drilling will begin at the end of November. The appraisal calls for the construction of two wells. The wells will cost over $350 million to make, and the construction will have to contend with 500 feet of water. The drilling is set to complete somewhere around the middle of 2019. Once the rig platforms are constructed around the wells the pumping can begin. It will not be an easy task but Talos and its consortium are dedicated to get it done.
So far, the company has no ideas on how it will construct infrastructure to bring the barrels to market, but according to Duncan it is waiting game. The platforms will take some time to build and he expects the market to fluctuate a bit before they are completed.
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