Talos Energy Inc TALO:NYSE

Last Price$6.68NYSE Previous Close - Last Trade as of 7:00PM ET 9/18/20
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Market Chatter: Mexico Reportedly Instructs Talos Energy, Mexico's Pemex to Seek Deal on Zuma Oil Find

1:35PM ET 7/09/2020 MT Newswires
Mexico's energy ministry has asked state oil company Pemex and a private consortium led by Talos Energy (TALO) to strike a deal to jointly develop a large offshore oil find, Reuters reported on Thursday, citing the ministry statement.

The Mexican authority has determined that the Zama oil field discovery made in the Talos-operated block in the Gulf of Mexico extends into Pemex's neighboring block, the report said. Talos is the operator of Zama, located offshore Mexico, and holds a 35% stake in Block 7 in a consortium with Sierra Oil & Gas, a unit of Germany's Wintershall DEA, and Britain's Premier Oil.

With the unification of the Zama oil field, the parties must decide which company will run operations of a joint development and agree on a preliminary split of the shared reservoir, according to the report, a first deal of its kind in Mexico.

On May 7, Talos said it expects Mexico's National Hydrocarbon Commission to decide in the coming weeks on the shared nature of the Zama reservoir between Block 7 and the adjacent block controlled by Pemex, followed by an instruction to unitize from the Mexican energy ministry, triggering a period of negotiations with Pemex.

Once a deal is signed, the Zama Field Development Plan, which Talos is currently preparing, can be submitted to the commission for approval, the company said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 8.11, Change: -0.33, Percent Change: -3.91