Talos Energy Has Made An Important Oil Discovery Off The Coast Of Mexico
Talos Energy has recently found a possible 2 billion barrels of oil off of the coast of Mexico in shallow waters. This has been the first important discovery of oil since Mexico allowed foreign exploration of its gas and oil fields a few years back. The discovery occurred roughly some 37 miles away from Puerto Dos Bocas on the Gulf of Mexico’s southern coast. The well is 11,000 feet deep at the moment, and it is expected to take a minimum of four years to develop it fully. The company has announced that the discovery looks like a big but that it will need time to properly develop it.
The find is expected to bring more interested parties to Mexican waters, and it is being hailed as the most important achievement since Mexico began to work on revising its failing energy industry. It is expected that the BridgeTex Pipeline will be seeing an expansion allowing it to carry 40,000 more barrels of crude oil every day from Houston to Colorado City. A fellow at Rice University’s Baker Institute for Public Policy, Francisco Monaldi, remarked that the discovery by Talos Energy will probably bring in interested developers soon. The Mexican government needed news like this and is glad to finally see some forward movement with its new energy policy, which saw the deregulation of its gas and oil industry.
Talos Energy, along with other Houston companies, have been enticed by the invitation, which saw Mexico auctioning off blocks of land to drill beginning in 2015. These auctions didn’t bring in the money they had hoped for in the beginning, but that might change with the good news of the current discovery. The election of Donald Trump, unfortunately, has made Mexico nervous due to his rhetoric about building a wall, renegotiating the North American Free Trade Agreement with Mexico and Canada, and focus on unfair trade. The CEO of Talos Energy commented that nothing really got in the way of his company seeking to find new oil and gas opportunities in Mexico, and it looks like the future might be bright for Talos and anyone who works with them.
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