Three companies have formed a partnership to drill oil from Mexican waters. The oil has not been drilled from the waters for the last 80 years. The three companies which will explore the oil are Premier Oil, Talos Energy, and Sierra Oil & Gas. Oil drilling in Mexico had been monopolized since 1938.
The approximate barrels of crude oil that Zama holds ranges from 100 to 500 million barrels. The drilling will take 90 days, and drilling cost will be approximate $16 million.The three companies won the tender in 2015 through bidding. The oil exploration in Mexican waters is being done for the first time since the country allowed the foreign companies to invest in oil. The research conducted by renowned analysts found out the exploration of Zama oil will lead to increased economic activities in the country. Talos Energy LLC controls the operation in the partnership, and it has 35 percent of the total stake. Sierra Oil & Gas holds 40 percent of the stake while Premier Oil PLC takes 25 percent of the stake.
Talos Energy an oil was founded in 2012, and it focuses on the exploration of oil and hydrocarbons. Its operations are based in US Gulf and offshore of Mexico. The origin of the company is traced to the merger of Apollo Global Management and Riverstone Holdings. The company has invested 10.2 million acres in developing the seismic inventory. The company uses modern technology in mining oil and hydrocarbons. The use of advanced technology has increased efficiency of operations in the firm.
Premier Oil PLC is a London based firm will is involved in the drilling of oil and gas. The company has opened many branches in many countries which include Brazil and Pakistan. The company ensures that the investments are increased for the shareholding values to increase. The company is famous for efficient team work and the use of modern technology.