The CNH has just approved an initial appraisal plan for the Zama field discovery made last year. This is good news for the Block 7 Consortium as they are the ones that discovered it. Led by stateside energy company Talos Energy Block 7 is responsible for one of the biggest oil finds of the century. Now that CNH, Mexico’s oil and natural gas commission, has passed their appraisal they can finally get to work. The appraisal will encompass drilling but only to further test the site. Once the full yield of the field is known steps will be taken to develop it for sale.
The approval was slated by Talos as a key development of their appraisals’ commencement. Once the Comision Nacional de Hidrocarburos is finished with the drilling permits, Block 7 can finally begin extensive examination of Zama field. The field has at least 1.4 billion barrels of light crude underneath it. This number could exceed 2 billion once full research has been done. This is not even counting the reserves, which experts hold at around 500 million gallons. As Block 7 represents the interests of three countries, Zama’s development is much anticipated. Aside from Talos, Block 7 also includes Mexico’s Sierra Oil & Gas, as well as the UK’s Premier Oil. Talos lead the pack with a controlling interest of 35%. At present, Talos puts the completion of its initial appraisal somewhere mid-2019.
About Talos Energy
Talos Energy is an independent exploration company that pursues gas and oil interests in two gulfs. It operates in the Gulf of Mexico as well as off the Gulf Coast. The company was founded by Timothy Duncan in 2012 and is based in Houston, Texas. Their main focus has always been to develop deep water operations for the acquisition of gas and oil properties. They use the latest technology to conduct searches in the shallows field off of Mexico and the U.S. Upon any discovery they seek to establish assets for the exploitation of gas and oil properties which they will then bring to market. Zama 1 is their largest discovery to date. It was made in 2017 in the Zama 1 field using an exploratory drilling platform.
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