Friday, 12th April, 2024
Friday, 12th April, 2024

Telos continues talks with Pemex on shared oil discovery in Mexico

Tim Duncan, chief executive of Talos Energy, said that the US Talos Energy and the state-controlled oil company of Mexico, Pemex, have been discussing how Mexico can find and manage large quantities of oil find offshore Mexico and perhaps take.

Talos Energy, the head of one of the foreign oil companies, discovered larger crude oil deposits in 2015. At an estimated 670 million recoverable barrels of oil, the discovery was the largest oil find in Mexico by a private company in decades. Pemex, however, says that the Zama deposit extends to a neighboring block operated by the Mexican state oil company.

Earlier this year, Talos Energy said a third-party contingent resource assessment of garment oil discovery from the Netherlands, Seoul & Associates, Inc. showed that a percent consortium located in the block on the Talos-run block, which is close to the garment reservoir. Owned by Pemex and thus, subject to consolidation between the consortium and Pemex.

Earlier this year, Mexico ordered Talos Energy to reach an agreement on a larger discovery, the so-called “unification agreement” with Pemex, to develop the garment reservoir together “in a way that maximizes its value.”

In early November, Talos Energy said in its Q3 financial report that “negotiations for integration with Petroleum Mexico (PEMEX) regarding the discovery of the company’s clothing in offshore Mexico are ongoing.

Duncan of Talos Energy told Reuters the original deadline to reach such an agreement expired next week, but the Mexican Ministry of Energy has now extended the deadline by 60 days.

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