At least 1.4 Bboe of oil discovered in the first ever private exploration site in Mexico

The ENSCO 8503 rig used in the Zama-1 field (image courtesy of offshorenergytoday.com)

The ENSCO 8503 rig used in the Zama-1 field
(image courtesy of offshorenergytoday.com)

Talos Energy as operator, together with its joint venture partners Sierra Oil and Premier Oil, announced that the Zama-1 exploration well, offshore Mexico, has discovered oil in circumstances that the company defines as “historic”.
The Zama-1 well is the first offshore exploration well drilled by the private sector in Mexico’s history. The well, located in 166 meters of water and approximately 60 kilometers from the Port of Dos Bocas, has reached an initial shallow target vertical depth of approximately 3,383 meters.
Initial gross original oil in place estimates for the Zama-1 well range from 1.4 to 2.0 billion barrels, exceeding pre-drill estimates, some of which could extend into a neighboring block. Initial tests of hydrocarbon samples recovered to the surface contain light oil, with API gravities between 28° and 30° and some associated gas.
Talos holds a 35% participation interest with Sierra and Premier holding 40% and 25% participation interests, respectively.