Talos Energy: Energizing the Gulf of Mexico with New, Major Hydrocarbon Discovery

Talos Energy, an independent oil and gas company founded in 2012, is an exploration company focused on 10.2-million acres of seismic inventory located in the Gulf of Mexico and in the shallow water fields located off the shores of Mexico. Their most recent discovery has a 2-billion barrel potential and was discovered in these same, shallow waters in the Gulf of Mexico off the Mexican coast.

The new discovery is located just 37-miles from Puerto Dos Bocas and is called Zama-1. Just 50 fathoms below the surface of the Gulf lies what could be Talos’s biggest asset to date. Chief Executive Tim Duncan says, “It looks like this is very, very big.” Some experts are claiming that this new discovery will create a rush to the waters off Mexico’s coast by other oil exploration companies. Zama-1 is one of few, shallow water fields discovered around the world in the last 20-years of oil exploration in the Gulf of Mexico and other, oil rich regions. A new find, like the one discovered recently, will position Talos above the competition with new production and future prospects for exploiting currently owned and operated assets secured.

Mexico began deregulating the Mexican oil and gas industry and Talos saw the Mexican government’s new view on exploration regulations as an invitation to explore the waters off Mexico’s coastlines, especially in the Gulf of Mexico. Even though Talos watched as the price of a barrel of oil dropped from $100 to $26, it formulated a plan to continue and even expand exploration and asset development to achieve greater success with its preexisting properties and leases. With little opposition at the time, Talos Energy pressed on and this recent discovery has proven that even when an industry is down, industry leaders will always find a way to be successful. Now the company has not only discovered a new, rich field of hydrocarbons, they discovered one of the largest, shallow water, hydrocarbon fields in the Gulf of Mexico to-date.

Talos has plans to drill Zama-1 to 14,000 feet. Consider that at 400-feet the lead geologist proclaimed the find to be, “A major find.” The announcement of the find led many competing companies to the negotiating table with Mexico to develop deals of their own in the Gulf of Mexico. While companies like Chevron, Corp., Exxon Mobil, and Italian producer Eni come with plans of finding a 2-billion barrel field of their own, it’s a tumultuous time in geopolitics and they will have to persuade Mexico to allow them to explore the same regions that Talos has already exploited. It’s a good time to be Talos and a better time to explore for the Gulf of Mexico’s next, big find.

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