The field was discovered by US-based Talos in 2017, after the country opened up energy sector for private sector participation
Zama oil field is estimated to contain nearly 700 million barrels of oil. (Credit: Julius Romero from Pixabay)
Mexico’s energy ministry (SENER) has chosen state-owned company Petróleos Mexicanos (Pemex) as the operator of the Zama oil field, located nearly 60km off the coast of Tabasco, Mexico.
The offshore field was discovered by US-based oil company Talos Energy in July 2017, after drilling an exploratory well in Block 7 located in the offshore portion of Mexico’s prolific Sureste Basin.
Zama was the first discovery made by foreign companies, after the country opened up the energy sector for participation of private producers. Block 7 is the first offshore block awarded by Mexico to a private company.
As part of the delineation of the Zama field, Talos has drilled three additional wells. In addition, the company has also submitted a development plan to the National Hydrocarbons Commission (CNH) for oil and gas recovery from the field.
Talos and its partners Germany’s Wintershall Dea and Britain’s Harbour Energy have invested $350m in the project, Reuters reported.
SENER has now granted rights to Pemex to operate the field, despite the Talos-led consortium securing the exploration and production contract in a 2015 oil auction.
In a statement, Talos said: “After six years of significant investments in Zama and the Mexican economy, as well as the delivery of a Zama development plan that is credible and in line with the objectives of Mexico, Talos is very disappointed with SENER’s sudden decision to award operatorship to Pemex, especially in light of the timing under which the award occurred.”
The Zama oil field, located in water at a depth of 168 metres, is estimated to contain nearly 700 million barrels of oil.
The shared reservoir extends from Block 7 to neighboring Pemex AE-0152-Uchukil Asignación in the Cuencas del Sureste, in the Bay of Campeche in Mexico.
In May, Talos said Pemex holds a majority share of 50.4% in the field, based on a study launched by both companies.