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Mexico’s Pemex and Talos Energy told to seek deal over shared Zama discovery

Mexico’s Pemex and Talos Energy told to seek deal over shared Zama discovery

Mexico, July 10 - Neftegaz.RU. Mexican oil company Pemex and U.S. based exploration and production company Talos Energy have been ordered by the energy ministry to find a resolution over how they will jointly develop the huge Zama offshore oil field.

This announcement comes after it was decided that Talos’s discovery, situated in the company’s Gulf of Mexico block, overlaps into Pemex’s neighboring block.

The parties must now determine how the operational tasks will be decided. The energy ministry declared that the 2 companies have 120 working days to arrive at an agreement to jointly develop the Zama reservoir. Failing to reach an agreement, the energy ministry has the power to decide which firm will run Zama.

Zama, which holds ca. 670 million recoverable barrels – is the largest in Mexico by a private company in decades. Both companies have claimed the majority of the oil discovery falls on their side respectively. Pemex has yet to begin drilling operations, whereas Talos has already drilled four exploration wells.

If the two firms do not come to an agreement, the energy ministry will decide which company will run Zama operations. If, on the other hand, they do reach an agreement – this will be the first discovery in Mexico developed between the state-owned company and a private one under a unification procedure.

To read the article in Russian.

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