• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 19 mins Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 1 day Did China cherry-pick the factors that affected the economic slow-down?
  • 1 day "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 2 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 4 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 5 hours NordStream2
  • 4 days Nord Stream - US/German consultations
  • 410 days Class Act: Bet You've Never Seen A President Do This.
  • 3 days Forecasts for Natural Gas
  • 4 days Australia sues Neoen for lack of power from its Tesla battery
Peak Meat, EVs, and Solar: The World in 2030

Peak Meat, EVs, and Solar: The World in 2030

According to Principles for Responsible…

The Days Of Cheap Solar Are Fading Fast

The Days Of Cheap Solar Are Fading Fast

The cost of going green…

Talos Continues Talks With Pemex Over Massive Shared Oil Discovery Off Mexico

U.S. Talos Energy and Mexico's state-controlled oil firm Pemex have another three months to discuss and possibly reach an agreement over how to manage and operate a massive oil find offshore Mexico, the chief executive of Talos Energy, Tim Duncan, told Reuters this week.

Talos Energy, leading a consortium of foreign oil companies, discovered the large Zama oil deposit in 2015. At an estimated 670 million recoverable barrels of oil, the discovery was the largest oil find in Mexico by a private company in decades. Pemex, however, says that the Zama deposit extends to a neighboring block operated by the Mexican state oil company.

At the beginning of this year, Talos Energy said that a third-party contingent resource evaluation of the Zama oil discovery from Netherland, Sewell & Associates, Inc showed that 60 percent of the total resources of Zama are located on Block 7 operated by the Talos-led consortium, while the Zama reservoir extends into the adjacent block to the east, owned by Pemex and, therefore, is subject to unitization between the consortium and Pemex.

Earlier this year, Mexico ordered Talos Energy to reach an agreement, the so-called "unitization agreement" with Pemex over the massive discovery, in order to develop the Zama reservoir together "in a way that would maximize its value."

In early November, Talos Energy said in its Q3 financial report that "unitization discussions with Petróleos Mexicanos (Pemex) continue regarding the Company's Zama discovery in offshore Mexico. Talos maintains its target to conclude unitization negotiations by mid-January, as directed by Mexico's Ministry of Energy."

The original deadline for reaching such an agreement expires next week, but the Mexican ministry of energy has now extended the deadline by 60 days, Talos Energy's Duncan told Reuters.

"Continuing talks with Pemex during the extended period represents the clearest and fastest route towards expedited first oil, which benefits all parties involved, including the government of Mexico," Duncan told Reuters.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News