Talos Energy, Joint Drilling Venture in the Zama-1 Well.

D3
June 29, 2017

On May 21st Houston based Talos Energy, London based Premier Oil and Mexico based Sierra Oil & Gas established a joint venture to begin drilling together in the gulf of Mexico. In 1938 Mexico nationalized its oil industry to a state run monopoly known as Petroleos Mexicanos. This joint venture is the first offshore exploration launched in Mexicos gulf since the monopoply establishment of Petroleos Mexicanos.

Premier Oil, Talos Energy and Sierra Oil and Gas won the prospect rights in 2015 to drill off the state of Tabasco in the Sureste Basin. The zama-1 well has been estimated to hold anywhere from one hundred million upwards to five hundred million barrels of crude oil. Premier, Talos and Sierra have been given 90 days to complete their drilling efforts and the drill cost is sixteen million dollars to Premier Oil. Talos owns 35% of the stake in the zama-1 well, Sierra owns 40% and Premier owns 25%. This will be the first private well in Meixcan waters in over 80 years.

Founded in 2012, Talos Energy is a Houston Texas based independent oil and gas company. Talos main focus is on offshore exploration and production. Talos acquires assets in and around the gulf of Mexico mostly in the Lousiana and Texas region. Talos Energy is a community driven company and focus on community outreach. Talos gives each employee a $500 allowance that can be donated to the employees non-profit of choice. In addition to these allowances, Talos holds quarterly community out reach events with organizations such as the Gulf Coast Regional Blood Center, Movember, The Houston Food Bank and Operation Gratitude.

Talos Energy makes maintaining Home Safety and Environmental laws fundamental in their companies culture. They promote protection of the environment through effective waste management solutions as well as a strong worth ethic and clear guidelines. Talos believes that work place incidents can be prevented. To provide their employees with continued safety training, Talos established the PureSafety management program. These safety techniques will be utilized during the drill of the Zama-1 well in the gulf of Mexico.

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