The Mexican waters have the first offshore oil well done by a private company after more than half a century. This is a new step by its government to bring in a foreign company back into its markets. In his statement, the Premium said that the exploration was a joint venture between a local private company and two foreign-based energy companies. One of the enterprises that participated in the drilling is the Talos Energy, LLC a company that is based in Houston. The drilling works started on May 21. It is the first of its kind to be undertaken by a private corporation rather than the Petroleos Mexicanos, a state-owned company.

The exploration will cost $16 million and will take a total of 90 days. The Zama-1 well is situated in the in the Sureste Basin in the Tabasco state. The well is estimated to hold one hundred to five hundred million barrels of crude oil. The companies won the tender in 2015 after the government opened its oil business to the private industries.

Edison Investment Research analyst said that it is the first well to be drilled by a private company it will be keenly watched by the oil industry in the country. The chances of its success are high given the geological structure is highly favorable.According to Charlie Sharp, this is the most interesting project this year because of the implications in the Mexican Oil markets. The Premier stated that Talos Energy, LLC will be the Operator of the well and owns thirty-five percent of the stake.

About Talos Energy, LLC

Talos is a private company that is situated in Houston. Its primary focus is on the acquisition and exploration of gas and oil properties in the Gulf Coast and the Gulf of Mexico. Its investment money mainly comes from Apollo Global Management, LLC, and the Riverstone Holdings LLC.Its staffs have experience in this industry has spent most of their career on the Gulf Coast of Lousiana region and the Gulf of Mexico. They utilize modern technologies and extensive expertise to enable them to work efficiently and become highly successful in the drilling processes.