Carlos Slim's Firm Acquires Stake in Zama Offshore Oil Field
Posted 28/09/2023 14:53
Talos Mexico now has ownership split with 50.1% owned by Talos Energy and 49.9% by Carso. Talos Mexico holds a 17.4% interest in the Zama offshore oil field, which was discovered by Talos in 2017. Talos Energy will retain control as the majority shareholder.
As part of the sale, Talos received $74.85 million in cash at closing and will receive an additional $49.90 million upon the commencement of production from the Zama field, for a total price of $124.75 million.
The Zama Unit Development Plan was approved by Mexico's Comisión Nacional de Hidrocarburos (CNH) in June 2023. Pemex, Mexico's state-owned oil company, is now the operator of the Zama project development, as the field extends into a nearby block operated by Pemex. Talos, along with other Zama Unit Holders, is working on the front-end engineering and design, planning, drilling, construction, and completion of Zama wells and offshore infrastructure.
The Zama development plan includes two offshore fixed platforms, 46 dry-tree wells, and transportation of oil and gas to new facilities at Terminal Maritima Dos Bocas. Zama is expected to produce up to 180,000 barrels of oil equivalent per day, representing over 10% of Mexico's current oil production. Approximately 94% of the production will consist of high-quality oil with API gravities between 26° and 29°.
Talos Energy's CEO, Timothy S. Duncan, expressed excitement about partnering with Carso on the Zama project, one of the largest recent shallow-water oil discoveries globally. They aim to advance Zama toward a Final Investment Decision (FID) and first production, leveraging Talos's operational expertise and Carso's local presence and global reputation.