Talos Energy And Pemex

Talos Energy is a United States based energy company. Pemex is a Mexican state run oil company. They are planning to jointly run and construct an oil and gas discovery venture. In the southern area of the Gulf of Mexico Talos Energy discovered a large area of oil. Up to two billion barrels of oil are estimated to be deposited there. Some 800 million barrels could be extracted from this area. The Mexican oil company Pemex plans on drilling soon. The two companies want to work together on this venture and form a partnership. They hope to finalize the agreement by the end of 2019.

Mexico’s President-elect Andres Manuel Lopez Obrador wants to strengthen Pemex. The CEO of Talos Energy is Tim Duncan. They agree that by working together both companies can benefit. Talos Energy plans to drill two new wells in the area. The company will invest 325 million dollars to do this. Tim Duncan said that 100,000-150,000 barrels of oil could be produced daily by the year 2023. Key decisions about how to bring the oil to the market place still need to be made. They will be drilling in 500 feet of water so the oil platforms will have to be constructed accordingly. Tim Duncan has said that making these platforms will be a bit time consuming but by the time they are done they will have a better idea of how to get this oil to the market place.

The oil that both companies will be drilling for is called the Zama Discovery. This is the first kind of deal for Pemex. Usually Pemex has done things on it’s own but both companies claim rights to this reserve of oil and gas so the companies have decided to work together to develop it. Talos Energy will be sharing their information about the reserve with Pemex. The two companies will combine into a working group. By doing this whey will try to maximize their operations and try to streamline them to achieve maximization of efficiency. The deal will help both companies to increase their bottom line.

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