Archive for July 15th, 2017

Talos Energy Successful in Historic Offshore Oil Discovery07.15.17

For the first time ever, a successful offshore well was drilled by Mexico’s private sector. Talos Energy LLC and its two partners Sierra ad Premier struck oil in an offshore well in late May of this year prompting praise from all in the oil and gas sector. Tim Duncan, the President and CEO of Talos Energy calls this feat both “historic” and “significant” and went on to praise the cooperation of both the United States and Mexico. Duncan also notes that projects like this are exactly the kind of results the industry was hoping to see come out of recent energy reforms inspiring the innovation necessary to make this landmark event possible. These energy reforms have sent optimism soaring in the oil and gas industries due to their incentive for the private sector to join both the exploration and acquisition markets in the US and Mexico. Going forward Talos and its partners will be drilling down over 14,000 feet in order to complete further testing on the surrounding offshore reservoirs. To ensure environmental safety, Talos has put a liner in place to protect both the discovered oil reservoirs and the surrounding aquatic life. Two contracts for production sharing have been carried out to partner with Mexico’s upstream oil and gas regulator, the National Hydrocarbon Commission. This discovery has reaffirmed the hypothesis that over 162,000 gross acres in this area off the coast of Mexico is rich with oil. It is thought that this is just a drop in the bucket for Talos Energy from the previously untapped area of oil recovery.

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