The oil industry has changed dramatically with companies experiencing extreme enhanced competition and oil prices. The nationalized Gas and Oil exploration organization have discovered new drilling contracts leaving many companies in awe of their strategy to propel their future production in the right way. The drilling contracts have the potential of producing through its reserve billions of oil barrels daily. The notion attracts different national contractors who play a significant role in the downstream and upstream of the country natural energy starting from ocean bottoms to fuel reservoirs.
The most significant and most prominent players of Mexico energy exploration PEMEX, at the Mexico coast near Sureste Basin they have discovered an oil reserve. Various companies are bidding for the drilling project contract. The Zama 1 oil well is known to produce an estimated interval of thousands of feet of oil-bearing with an estimation to recover over 400 t0 800MMbbl.It has the capability of generating volumes of oil with the potential of extending to their neighboring block that’s operated by PEMEX. Most of the companies which produce the offshore drilling and exploration are interested in drilling activity starting early 2019 with most of them performing drilling performance appraisal. For the betterment and maximum deriving of efficiently and creating the most robust valuation of PEMEX.
The top companies with interest to acquire the contract include Premier Oil, Sierra Oil & Gas, and Talos Energy. However, according to PEMEX, they plan on creating the ZAMA structure appraiser using the license that’s via Well. Additionally, seven other oil vendors have submitted their pre-FEED pre-front-end design for engineering creating the appraisal planning scope of studies.
According to Talos Energy, Premier Oil is currently carrying out interest on an offshore block of 10%, and it’s extendable to around 25%. The partners playing a vital role in the project are carefully studying the feasibility to determine the best project to start first. Premier has other interest in Ceara Basin blocks off the Brazil Coast with the best prospect identified.
In the tough economic times, Talos Energy believes that a company has to remain competitive in offering the markets of offshore energy exploration. The company should ensure timely deliverance of the given projects with accurate data of the generated revenue.