News

Houston Company Makes Massive Oil Discovery in Gulf Of Mexico

According to Talos Energy, the Zama-1 well is the first offshore exploration well drilled by the private sector in Mexico’s history.

A consortium of oil companies has announced a discovery of one point four to two billion barrels of crude oil equivalent, along the southern coast of the Gulf of Mexico.

Houston’s Talos Energy holds just over 30 percent interest in the well— and shares it with Mexico’s Sierra Oil and Gas and London-based Premier Oil.

According to Talos Energy, the Zama-1 well is the first offshore exploration well drilled by the private sector in Mexico’s history.

Mexico opened its energy sector to private oil drilling in 2013.

In a statement, Sierra Oil and Gas said the Mexican government will receive nearly 69 percent profit share from every barrel produced in the block, and almost 80 percent after taxes and fees.

Share