• 5 hours The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 48 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days "And this is perhaps the most dangerous kind of government there can be."
  • 6 hours Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 1 day Demonising fossil fuels has caused major grid problem in Australia
  • 6 hours "...too many politicians believe things that aren’t true." says Robert Rapier
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 20 hours Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 327 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 5 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others

Talos Energy Forced To Share Massive Zama Oil Find With Mexico’s Pemex

Talos Energy has been ordered to come to some agreement with Mexico’s state-run oil giant, Pemex for the development of its massive Zama oil field made back in 2017.

The Zama discovery is so large—potentially 670 million recoverable barrels large--that it is the largest discovery in Mexico by a private company in decades.

The hitch for Talos, however, who won offshore Zama back in 2015, is that the oil in Zama perhaps bleeds into the neighboring block, operated by Pemex. At least that’s the narrative Pemex is telling.

Pemex and Talos, according to Reuters, now have 120 days to come up with a “unification agreement” in order to develop the Zama reservoir together “in a way that would maximize its value.”

Pemex and Talos both are claiming that the oil find lies mostly on its own block, although, according to Reuters, Pemex has not drilled any exploratory wells on its side yet, unlike Talos.

If they can’t come to an agreement, the energy ministry will decide which company will run operations of Zama.

That there are squabbles over Mexico’s most exciting offshore oil prospect in decades is not surprising. In fact, given Mexico’s flip flop on its overall oil strategy, the fight over its oil between the state-run and a private entity should have been viewed as a near certainty.

Wood Mackenzie has estimated that nearly two-thirds of the Zama discovery lies in Talos’ blocks.

Mexico has suffered falling oil production for more than a decade as its mature fields deplete. Still, the country has wrestled with how to keep its oil wealth to itself while attracting the interest of foreign oil companies to draw on their drilling expertise and their capital.

By Julianne Geiger for Oilprice.com

More Top Reads From 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