Mexico has a new private oil well. It’s been well over eighty years since Mexico established a private oil well in Mexican waters. With the collaboration between Talos Energy and Sierra Oil and Gas of Mexico; Mexico finally allowed foreign investors back into the Gulf of Mexico. The well drilling started on May 17, 2017, through a joint venture between Talos Energy, Sierra Oil and Gas of New Mexico, and Premier Oil Pic of London, England. This is considered the first private drilling expedition that is not part of the state run Petroleos Mexicanos.
Located on the Mexican Gulf Coast, the Sureste basin contains an amount of crude oil estimated between 150 million and 600 million MMbbl of crude oil. The cost to drill for the oil is expected to exceed sixteen million dollars. Experts anticipate it will take over four months to complete the drilling expedition. The three companies involved in the expedition, won the right to participate in the exploration process. This occurred after Mexico decided to open its’ declining oil industry to private investors. Due to its location and vast oil reserves, geological experts believe this joint venture will be extremely successful.
Talos Energy is a major contributor to the drilling expedition. The company’s business line includes exploration and drilling for oil and natural gas. Located in Houston, Texas, Talos Energy, LLC is an essential part of the local economy. Their drilling expeditions are located primarily in the gulf coast area.
Using the latest in three-dimensional seismic data, allows Talos Energy to strategically plan their drilling activities for natural gas and crude oil. Using advanced technology and the expertise of their managers and engineers; allows them to safely drill for oil and natural gas while preserving the environment. The employees have a vested interest in the success of Talos Energy; as they are all life long residents of the gulf coast area.