Mexico is a country rich in natural resources. The country has been benefiting from their natural oil and gas located on the Gulf of Mexico for years; supply the energy that Mexico needs. For decades, the government has 100% control on these oil refineries, but recently, the government has relaxed their policies and has allowed foreign corporations to do their own exploration and drilling. A triad of oil companies comprising Premier Oil PLC, Talos Energy LLC and Sierra Oil & Gas, have volunteered to do an exploration in the Gulf of Mexico. They believe that the area near Tabasco is rich with oil reserves, and according to their estimate, at least 100 million to 500 million barrels of crude oil can be found there. Talos Energy LLC is the corporation that will lead the exploration that would last for at least 90 days. They have all of the equipment needed to locate an oil reserve. Talos Energy LLC is a Texas based oil exploration and research company that has been operating in the Gulf of Mexico. They have an excellent track record, showing that they have a lot of successful exploration in the past. In this current project, they hold up to 35% participation interest, and they will be getting a portion of the revenue that will be made.
During the first weeks of the exploration, Talos Energy LLC built the Zama-1 Exploration Well. They have created it in order to locate the oil that they believe are hidden deep within the waters of the gulf. They searched for oil day and night, and on July 12, 2017, their hard work finally paid off. The group managed to discover crude oil, and the real amount of oil reserves hidden dwarfed the previous estimate. It is now believe that this part of the Gulf of Mexico can create between 1.4 billion to 2.0 billion barrels of oil. The triad of companies is very happy with the result, and they stated that the extraction of oil would soon commence once the oil well has been removed. This is again a triumph for Talos Energy LLC, and this discovery will surely land on their portfolio.