Talos Energy Moving Forward With Historic Pemex Deal

Talos Energy has plans to team up with Pemex to work together in performing more drilling in an area with a high potential to contain valuable deposits of gas and oil in the Gulf of Mexico. While drilling in the shallow waters of the Gulf of Mexico, Talos Energy discovered large deposit of oil that could hold 2 billion barrels that could possibly extend into an area belonging to Pemex. In order to confirm that the deposit extends into their block, Pemex has plans to drill later this year in the area.

Through their combined efforts, Talos Energy and Pemex hope to help everyone involved with the data they are compiling. Forming a partnership together quickly and efficiently is essential to moving on to the next steps of the considerable investment into the area according to Tim Duncan, the Chief Executive Officer of Talos. Other companies including Sierra Oil and Gas will be sharing their information they have on the area with Pemex in order to assist with the negotiations that are currently taking place.

The president-elect of Mexico, Andres Manuel Lopez Obrador, has plans to strengthen the company that is run by the state. He states that Pemex has experienced an almost decade and a half slump in production that could very well be remedied significantly through a partnership with Talos Energy. Pemex is committed to making this deal happen and to make sure that it is maintained. They understand the possible urgency of the partnership in order to help both companies with their production goals. Once drilling starts in November, Tim Duncan expects that up to 150,000 barrels a day could be produced from the site in 2023. There are a lot of decisions that need to be made concerning infrastructure for the area, but these are expected to be made soon.

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