A recent discovery of an oil reserve off the Mexican coast near Sureste Basin has oil companies excited. The nationalized Oil and Gas exploration company part of PEMEX considers the discovery one of the largest oil reserves they found in recent memory. The Zama oil discovery is estimated to produce at least a million barrels of oil over the course of a year. Projection indicates that this oil reserve could potentially yield between 400 to 800 MMbbl.Talos Energy is one of the three oil companies that are pursuing appraisal drilling with PEMEX. They believe that this oil discovery could enhance and solidify their offshore production. The discovery excites Talos Energy because of the potential this oil reserve has to produce enough oil to lower prices at home.
Talos Energy also believes that this oil exploration project could possibly help them put into practice their sustainability procedures. The challenge for Talos Energy will be to prove to PEMEX that they can handle this project successfully. This means that the suggested structure has to meet and exceed safety protocols. Other criteria for the project include drilling specifications and design protocols. It should be interesting to see what Talos Energy comes up with during this phase. The planning phase does take precedence. Talos Energy needs to examine what works and what doesn’t work in that offshore area. When they start looking into the future, they will also need to have a good estimate of yield capacity.
PEMEX is going to be looking at how well each company sustains the environment while drilling. Talos Energy is poised to answer those questions as it has a good record of safety and sustainability. Zama-1 oil well is estimated to have an oil-bearing interval of a thousand feet. This means that any oil company will have to take into consideration the depth and pressure of the existing rock. Stability will definitely be a factor in determining which of the three companies is awarded the contract. There is no doubt that this new oil discovery will give Talos Energy great opportunities for the future. It will also help improve their services.