The tender won by a combination of three foreign companies, namely, Premier Oil PLC based in London, The Talos Energy LLC from Houston and Sierra Oil & Gas from Mexico started the drilling process on May 21 according to Premier during a statement last week.
To complete the process of drilling, they will need a total cost of up to $16 million, in a process that is likely to take them at most 90 days to complete.Mexico waters opened in 2005, and the government invited bids from private firms. The project, however, is the first to be awarded to the privately owned company in Mexico’s water.
He expressed optimism of a successful completion of the project after seeing the structure of the basin, which he terms as “a high geological chance of success.” Charlie Sharp, a specialist, alleged in a note that Zama would be the most exciting exploration wells drilled this year. The three operators hold stakes in the venture, Talos, Sierra, and Premier each holding 35%, 40%, and 25% respectively.
The privately owned oil and gas company deals with the offshore exploration and production. The firm acquires assets in and around the Gulf Coast and the Gulf of Mexico. The company depends on various other affiliated companies for its investment funds. They include with Apollo Global Management, (NYSE: APO), Riverstone Holdings LLC and Talos Management.
The company has over 33,000 square miles of new age 3D seismic data, which in essence covers all of the acreages in its portfolio. The company has this data reprocessed for the optimization of the drilling inventory, better evaluate acquisition and joint venture prospects.