When U.S. oil firm Talos Energy found nearly a billion barrels off Mexico's...
) snapped up drilling rights at auctions. At the time, executives lauded Mexico for competitive investment terms that made drilling there as attractive as Brazil’s prolific deepwater acreage or the booming shale fields of Texas.
Some firms are already packing up, including some of the original stakeholders with Talos in Zama. Sierra Oil & Gas sold its 40% stake in Zama, along with the rest of its assets - all of them in Mexico - to the company now known as Wintershall DEA. Premier Oil said last month that its 25% stake was for sale.
If Pemex takes over, Talos would retain its 35% stake but give up operational control, undermining its attempt to establish itself as an international operator with its first project outside the United States. Pemex likely has a claim to about a third of the oil in the deposit that extends into the Zama field, Consultancy Wood Mackenzie wrote in an unpublished draft report reviewed by Reuters. But the firm’s efforts to prove its share by drilling have been delayed “multiple times.”
Talos CEO Duncan declined to comment on Pemex’s takeover plans or what he called confidential negotiations with the company. He said Talos was best placed to run the project, citing its progress so far and Pemex’s large portfolio of competing projects.
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