Talos Energy: Leaders Shocked by Huge Oil Field Find

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Posted by omeditors | Posted in Company, Talos Energy | Posted on 30-06-2018

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The country of Mexico deregulated its oil industry a few years ago and that started the process of allowing foreign oil exploration companies to explore the floor of the Gulf of Mexico in Mexico territory for oil fields. No huge discoveries have been made until recently and then a small oil exploration company by the name of Talos Energy found a huge find off the coast of Mexico at approximately 500 feet below the surface of the Gulf of Mexico in Mexico’s territory.

The find that Talos Energy made is the largest find since Mexico deregulated its oil industry and opened its water to foreign companies. The well has been dubbed as Zama-1 and is currently at a depth of 11,000 feet. The plan at this point is to continue to drill the will until at least 14,000 feet so that the company can get more information about how much oil may be in the underwater field. Initial estimates are that there may be at least 2 billion barrels of oil in the field. One of the best things about the discovery of the Zama-1 well is that it is in shallow water, so later on drilling will be made easier. It looks like initially the company and its partners plan on putting the drilling equipment in place, but to wait until crude prices recover to actually begin to bring the oil to the surface to barrel up and sell in the market.

To say that the leaders of Talos Energy are surprised is an understatement. The company is small and employs less than 200 employees, so this huge find puts their name out there as a true competitor in the oil drilling industry. The Mexican government is also pleased as they now hope that the competition will heat up in their waters, thus bringing them ultimately more income from the country’s oil industry.

For More info: www.crunchbase.com/organization/talos-energy