HOUSTON, May 7, 2018 /PRNewswire/ -- Talos Energy LLC ("Talos" or the "Company") as operator, together with its joint venture partners Sierra O&G Exploración y Producción S. de R.L. de C.V. ("Sierra") and Premier Oil Plc ("Premier"), is pleased to announce that the 2017 Zama discovery offshore Mexico was awarded the "Discovery of the Year" by the Association of International Petroleum Negotiators (AIPN) during the 2018 International Petroleum Summit (IPS) in London, U.K.. Talos holds a 35% participation interest with Sierra and Premier holding 40% and 25% participation interests, respectively.
The Zama-1 discovery well was the first offshore exploration well drilled by the private sector in Mexico's history and the Zama field's oil in place is expected to be between 1.4 and 2.0 billion barrels of oil equivalent. Drilled in a water depth of 165 meters, Zama is unique in its combination of outstanding reserves and production impact, relatively low capital requirements for a discovery of this size, and short period to first production.
The award was a result of a rigorous review process by the AIPN nominations committee, which includes current and future presidents of the association. The two other finalists were:
- ExxonMobil, Hess and Nexen for the Ranger discovery in the Stabroek block offshore Guyana
- BP and Kosmos for the Yakaar discovery in the Cayar Offshore Profond block offshore Senegal
"This is both a historic and significant discovery," said Timothy S. Duncan, President and Chief Executive Officer. "We believe this award is indicative of the success of the energy reform in Mexico thus far, which is continuing to attract new capital and provide local jobs and government revenues for Mexico. We are proud to be a part of such an important project."
During 2015, the Company, together with its consortium partners Sierra and Premier (the "Consortium"), executed two production sharing contracts ("PSCs") with Mexico's upstream regulator, the National Hydrocarbons Commission, for Block 2 and Block 7. The PSCs were awarded to the Consortium during the first tender of Mexico's oil and natural gas fields in over 80 years. Block 2 and Block 7 are located in the Sureste Basin, a prolific proven hydrocarbon province in the shallow waters off the coast of Mexico's Veracruz and Tabasco states, respectively. Block 2 and Block 7 contain approximately 162,904 gross acres with numerous high impact prospects in well-established and emerging plays.
ABOUT TALOS ENERGY LLC
Talos is a technically driven independent exploration and production company with operations in the United States Gulf of Mexico and in the shallow waters off the coast of Mexico. Our focus in the United States Gulf of Mexico is the exploration, acquisition, exploitation and development of shallow and deepwater assets near existing infrastructure. The shallow waters off the coast of Mexico provide us high impact exploration opportunities in an emerging basin. The Company's website is located at www.talosenergyllc.com.
ABOUT THE ASSOCIATION OF INTERNATIONAL PETROLEUM NEGOTIATORS (AIPN)
The Association of International Petroleum Negotiators is an independent not-for-profit professional membership association that supports international energy negotiators around the world and enhances their effectiveness and professionalism in the international energy community.
Founded in 1981 to enhance the professionalism of cross-border energy negotiators throughout the world, AIPN has over 4,300 members in more than 110 countries, representing international and national oil and gas companies, governments, law firms and academic institutions.
INVESTOR RELATIONS CONTACT
SOURCE Talos Energy