Talos Energy has entered into early stage agreements with Pemex out of Mexico concerning a site located in the Gulf of Mexico. It is believed that the discovery may actually extend past the boundaries owned by their company. Pemex has never made an agreement of this kind with any company and will be contracted for 2 years.
These agreements are being made due to the suspicion of an extended oil field that affects the way drilling and pumping would take place. With this agreement in place, Talos Energy and Pemex will be able to both operate in the area. They are also in agreement to share their information in relation to the Zama discovery.
This is a placeholder account for Talos Energy LLC in Houston, Texas. Questions about the company should be directed to 713-328-3000.
— talosenergy (@talosenergyllc) February 12, 2013
By working together, Talos Energy is hoping that the companies will be able to combine their efforts to produce the best possible results for the area. A working group between the companies will be established in order to facilitate this process. One of the risks being considered in the area between the 2 companies is the potential and severity of seismic activity in the area.
Talos Energy is driven by exploration in order to discover deposits of oil. Most of their focus takes place throughout Mexico and the United States. While the location in question with Pemex is located in one of the shallow water areas of the Gulf of Mexico, they also do a considerable amount of deepwater exploration as well.
The specific location of the area is in the Southeast Basin of Mexico. Before the deal can be completely finalized, it must be reviewed by the pending incoming government of Mexico. If approved, they are expected to be sitting on over a billion barrels of oil with their discovery.