A Houston based independent oil and gas production company named Talos Energy, has recently made a huge find in the water of the Gulf of Mexico. The country of Mexico has only recently lifted regulation concerning its oil industry, which has opened the doors to new discoveries and that is exactly what Talos Energy did. While the company was recently completing exploration drilling, they stumbled across a trove of oil that could contain as much as 2 billion barrels of oil. The find occurred in shallow water close to the coast of Mexico and is one of the largest finds of underwater oil fields since deregulation occurred, and foreign companies have been allowed to explore.
After striking oil 37 miles off of the coast, Talos Energy has named their find Zama-1. The exploration team has given information that the field that they have located is in water that is approximately 500 feet deep and that the oil was hit at approximately 11,000 feet below floor of the Gulf of Mexico. The problem that the company is running into now is figuring out exactly how they will develop their find and start the actual drilling. The Mexican government is extremely happy as they are hoping that more foreign companies will show an interest in exploring what other oil wells are hidden underneath countries waters.
Surprisingly, Talos was the first outsider company to make such a huge find, but overall the company is small in size. They only employ around 200 people and bring in less than $500 million a year in business revenue. The company has said that while they figure out how to go about developing the field, that they do plan to continue well at Zama-1 to 14,000 feet in order to get more information about their find and get a better estimate as to just how much oil is in the field. Their initial plan is to put the rigging and drilling posts in place while oil rigging construction costs are still low and then once oil starts selling at better price, they will actually start pumping oil to the surface to sell.
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