{"id":8137,"date":"2017-07-24T11:45:40","date_gmt":"2017-07-24T16:45:40","guid":{"rendered":"http:\/\/nrgibroker.com\/?p=8137"},"modified":"2017-07-24T11:47:45","modified_gmt":"2017-07-24T16:47:45","slug":"private-oil-firms-announce-major-finds-off-mexico","status":"publish","type":"post","link":"https:\/\/nrgibroker.com\/en\/private-oil-firms-announce-major-finds-off-mexico\/","title":{"rendered":"Significant oil discovery made with Zama-1 well offshore Mexico"},"content":{"rendered":"<h4 class=\"post-meta\" style=\"text-align: justify;\"><span style=\"font-size: 8pt; font-family: Helvetica;\"><a href=\"http:\/\/www.drillingcontractor.org\/significant-oil-discovery-zama-1-exploration-well-offshore-mexico-43716\"><span class=\"post-cats\">\u00a0The Offshore Frontier<\/span>\u00a0<span class=\"tie-date\">Jul 19, 2017<\/span> <\/a>\u00a0<\/span><\/h4>\n<div class=\"entry\">\n<h4 style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Helvetica;\"><strong>&#8220;Talos Energy<\/strong>, together with its joint venture partners\u00a0<strong>Sierra Oil<\/strong>\u00a0<strong>and Gas<\/strong>\u00a0and\u00a0<strong>Premier Oil<\/strong>, have\u00a0announced a world-class oil discovery with the Zama-1 exploration well offshore Mexico. Talos holds a 35% participation interest, with Sierra and Premier holding 40% and 25% participation interests, respectively.\u00a0The Zama-1 well is the first offshore exploration well drilled by the private sector in Mexico\u2019s history.&#8221;<\/span><\/h4>\n<h4 style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Helvetica;\">&#8220;Preliminary analysis indicates:<\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li>\n<h4><span style=\"font-size: 12pt; font-family: Helvetica;\">Initial gross original oil in place estimates for the Zama-1 well are in excess of 1 billion bbl, which could extend into a neighboring block;<\/span><\/h4>\n<\/li>\n<li>\n<h4><span style=\"font-size: 12pt; font-family: Helvetica;\">A contiguous gross oil-bearing interval of more than\u00a0335 m (1,100 ft), with up to 200 m (650 ft) of net oil-bearing reservoir in Upper Miocene sandstones with no water contact; and<\/span><\/h4>\n<\/li>\n<li>\n<h4><span style=\"font-size: 12pt; font-family: Helvetica;\">Initial tests of hydrocarbon samples recovered to the surface contain light oil, with API gravities between 28\u00b0 and 30\u00b0 and some associated gas.&#8221;<\/span><\/h4>\n<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Helvetica;\">&#8220;The well spudded on 21 May 2017 utilizing the Ensco 8503, a moored floating rig. Located in 166 m (546 ft) of water and approximately 60 km (37 miles) offshore Dos Bocas, it has reached an initial shallow target depth of 3,383 m (11,100 ft). The operator, Talos, is currently setting a liner to protect the discovered reservoirs, prior to drilling deeper exploratory objectives to a total vertical depth of approximately 4,200 m (14,000 ft).&#8221;<\/span><\/h4>\n<h4 style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Helvetica;\">&#8220;\u201cThis is both a historic and significant discovery, and we could not be more proud of the highly skilled personnel from Mexico and the US who have been working together in a safe and efficient manner to make it a reality,\u201d said\u00a0<strong>Tim Duncan<\/strong>, Talos President and CEO. \u201cWe believe this discovery represents exactly what the energy reforms intended to deliver: new capital, new participants, and a spirit of ingenuity that leads to local jobs and government revenues for Mexico. We are eager to begin appraising this discovery and drilling more unique opportunities. The future is bright for offshore Mexico for years to come.\u201d&#8221;<\/span><\/h4>\n<h4 style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Helvetica;\"><strong>&#8220;Tony Durrant<\/strong>, Premier Chief Executive, added:\u00a0\u201cWe are delighted to be announcing this significant new oil discovery offshore Mexico. We have encountered a very substantial oil-bearing interval, which indicates over 1 billion barrels of oil in place, a commercial standalone development which adds materially to Premier\u2019s portfolio of assets worldwide. It is particularly pleasing that our strategy of focusing our exploration portfolio on high impact opportunities in proven but under-drilled basins has led to this world-class discovery with our first well in Mexico. The oil discovered in the Zama-1 well is an extremely important event for Premier, the joint venture and for Mexico, and we look forward to working with the government and our partners to realize the full potential of this exciting discovery.\u201d&#8221;<\/span><\/h4>\n<h4 style=\"text-align: justify;\"><span style=\"font-size: 12pt; font-family: Helvetica;\">&#8220;During 2015, Talos and\u00a0its consortium partners executed two production-sharing contracts (PSCs) with Mexico\u2019s upstream regulator, the National Hydrocarbons Commission, for Block 2 and Block 7. The PSCs were awarded to the consortium during the first tender of Mexico\u2019s oil and natural gas fields in more than\u00a080 years. Block 2 and Block 7 are located in the Sureste Basin, a prolific proven hydrocarbon province in the shallow waters off the coast of Mexico\u2019s Veracruz and Tabasco states, respectively. Block 2 and Block 7 contain approximately 162,904 gross acres with numerous high-impact prospects in well-established and emerging plays.&#8221;<\/span><\/h4>\n<h4 class=\"post-meta\" style=\"text-align: justify;\"><span style=\"font-size: 8pt; font-family: Helvetica;\"><a href=\"http:\/\/www.drillingcontractor.org\/significant-oil-discovery-zama-1-exploration-well-offshore-mexico-43716\"><span class=\"post-cats\"><img loading=\"lazy\" decoding=\"async\" class=\" aligncenter\" src=\"https:\/\/nrgibroker.com\/wp-content\/uploads\/2016\/08\/shutterstock_7893784.jpg\" alt=\"\" width=\"600\" height=\"400\" \/>\u00a0The Offshore Frontier<\/span>\u00a0<span class=\"tie-date\">Jul 19, 2017<\/span> <\/a>\u00a0<\/span><\/h4>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0The Offshore Frontier\u00a0Jul 19, 2017 \u00a0 &#8220;Talos Energy, together with its joint venture partners\u00a0Sierra Oil\u00a0and Gas\u00a0and\u00a0Premier Oil, have\u00a0announced a world-class oil discovery with the Zama-1 exploration well offshore Mexico. Talos holds a 35% participation interest, with Sierra and Premier holding 40% and 25% participation interests, respectively.\u00a0The Zama-1 well is the first offshore exploration well drilled [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5909,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1017],"tags":[],"class_list":["post-8137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/8137","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/comments?post=8137"}],"version-history":[{"count":0,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/posts\/8137\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media\/5909"}],"wp:attachment":[{"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/media?parent=8137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/categories?post=8137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nrgibroker.com\/en\/wp-json\/wp\/v2\/tags?post=8137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}