Things may be looking up for Pemex Oil. The Mexican-state run oil firm just came to a unity agreement with Talos Energy. Talos Energy is the Texas-based oil and gas company at the head of Block 7 Consortium. The Consortium famously discovered the huge Zama-1 boon last year. The field located in the shallows of the Gulf of Mexico has over 1.4 billion barrels of oil beneath it. It was found during exploratory drilling by the Zama-2 well. The consortium consists of a Mexican run oil company called Sierra Gas & Oil, and UK-based oil company Premier Oil. Talos is the head of Block 7 with a 35% total share. Pemex Oil happens to own an adjacent block to Zama-1, and their presence as a neighbor may have huge implications.
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
The two year agreement is designed to allow Talos to explore the possibility that Zama-1 might bleed over into Pemex’s block. The field is quite large and although 1.4 billion barrels is projected there could be more. The reserves alone for the field are in the millions. The project to develop field and produce the barrels is slated to take over a decade to complete. The first phase will start at the end of this month, with the initial appraisal already being accepted by Mexico’s gas and oil regulation. This appraisal is designed to further penetrate the field and fully test it. Part of that test will fix on Pemex’s block.
If Pemex’s block does indeed contain some of Zama-1’s oil the unity agreement promises part of the profit will go to Pemex. Both companies will be able to set participation regulations based on international processes. The deal could result in nothing if the block contains no bleed over from Zama.
About Talos Energy
Talos Energy was founded in 2012. Its founder, Timothy Duncan, is also the president and Chief Executive Officer of the company. Talos is headquartered in Houston. It is involved in exploration for oil and gas properties throughout the Gulf Coast and the Gulf of Mexico. Zama-1 is the largest find the company has achieved to date.
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