Oil is one of the most abundant fossil fuels in the world today. This substance is found all around the world on land and under the water. The nation of Mexico will be expecting big things in the future thanks to opening its waters once again for offshore exploration. The country’s oil industry has been nationalized since the 1930s. This means that only Mexican offshore explorations were taking place. This state-run monopoly controlled and dominated the industry, and it didn’t allow any oil drilling from any other foreign nation.
The Zama-1 well project is about to change everything and if the project goes as planned, these sacred waters in the Gulf of Mexico will generate copious amounts of revenue from the oil industry and for the nation of Mexico.The energy markets are expected to dramatically increase because the Sureste Basin holds an estimated 500 million barrels of crude oil. That’s right! In order to achieve this, there will be a joint venture among three prominent energy organizations. This includes London’s Premier Oil, Mexico’s Premier Oil & Gas and Houston’s Talos Energy. The actual drilling took up to 90 days and the costs were around $16 million.
These are the three organizations that won the rights to participate in this specific project. “This project will be keenly watched,” said Elaine Reynolds of London’s Edison Investment Research.There are a lot of positive things that will come into play from the Zama-1 well project. Just think about it, this is the very first time in up to 80 years since a privatized company has actually sunk an oil well in these waters. By having such a high level of geographical success, Mexico’s struggling energy market will receive a dramatic boost. All in all, whether it’s for a sole purpose, or if it’s with a team, Talos Energy is playing a huge role in the success of this project.