Tim Duncan Of Talos Energy Explains Why He Wants To Partner With Mexico’s Pemex

Talos Energy, Inc., is in discussions to work with Petroleos Mexicanos (Pemex) in 2019. Pemex is the Mexican state-managed energy firm. They are looking to partner on exploring for oil and gas offshore in Mexico’s portion of the Gulf of Mexico. Talos Energy first drilled for oil offshore of Mexico in 2017 after having found an oil deposit that may have as much as 2 billion barrels of oil in it. They estimate that about 800 million barrels of this oil is somewhere that it can be recovered.

They believe that some of this oil extends into a block that is owned by Pemex. Mexico is planning on drilling their own well toward the end of 2017 to see if that is the case or not. Talos Energy’s Chief Executive Officer Tim Duncan said that he is trying to gain access to their data and form a partnership with Pemex. His company is already partnering with Sierra Oil and Gas of Mexico and Premier Oil of the United Kingdom on their existing Mexican oil drilling platform.

Tim Duncan said that he has already met with Andres Manuel Lopez Obrador who is Mexico’s President-Elect. During his presidential campaigns, Andres Manuel Lopez Obrador promised that he would strengthen Pemex and work with foreign oil companies as well. Pemex has been in a 14-year-long slump when it comes to drilling for oil. Tim Duncan said that his company can play a big role in making this turnaround happen.

Talos Energy is also in the process of drilling two additional wells in Mexico’s shallow waters. Along with their two business partners they are willing to invest up to $325 million in these two ventures. They are also studying other areas for oil exploration efforts, a process they believe they will complete by June 2019.

What Talos Energy and its business partners have yet to determine is how they will introduce their oil onto the international market. Tim Duncan has said that they plan on building additional platforms in water that is 500 feet deep and while that is going on they will decide how and when to sell their oil.

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