Why Talos Energy Is Talking With Pemex

Talos Energy, an independent energy company is looking for ways to build up their business. They are talking with Pemex, an energy company that is based in Mexico. This state run energy firm is open to partnering with Talos Energy for a discovery that was set to be made for drilling for new oil in Mexico. This stems from a project that Talos Energy had going previously in Mexico.

Could drilling be lucrative for this company as they partner? Last year, Talos Energy was drilling is the southern portion of the Gulf of Mexico. This project, known as “Zama”, was drilling in a rather shallow area when a sizable oil deposit has been struck. This came on the heels of an exciting time for them looking for other places to drill.

This major deposit was believed to be able to fill nearly 2 billion barrels worth of oil. This deposit is beyond enormous in terms of the oil and energy marketplace. There were nearly 800 million barrels holding a reserve, a backup batch of oil. Although these are deemed recoverable, it is not for certain whether or not these barrels could be easily retrieved.

It was soon discovered upon the drilling, that this was near the Pemex drilling site. Pemex was drawing up plans to drill their own oil well, but it has not been determined whether or not this will be finalized. The hope is that this will be determined by the end of the year.

The next step is to review the data on what has been drilled by each company so far. Tim Duncan, the CEO of Talos Energy, is excited to learn how quickly they can drill so they can get started on finalizing the deal. As of today, the partnership is not final.

Currently, there is a consortium that includes Talos Energy, Sierra Oil and Gas from Mexico, as well as Britain’s Premier Oil that will all review the data from Pemex. Duncan would like to be able to finalize the entire deal prior to next year if possible.

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