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Evaluation of Zama discovery offshore Mexico exceeds Talos' expectations

Oil and gas reserves auditing and consulting firm Netherland, Sewell & Associates, Inc., or NSAI, has completed the independent resource evaluation of the Zama discovery located offshore Mexico, according to a Jan. 7 release from project operator Talos Energy Inc.

NSAI's best estimate of the discovery's 2C gross recoverable resource is approximately 670 million barrels of oil equivalent. In the 2C case, NSAI projects that 60% of the Zama discovery's resources are located in Block 7. As the discovery lies beneath both the Block 7 area and an adjacent block to the east held by state-owned Petróleos Mexicanos SA de CV, it is subject to unitization.

In addition, NSAI's high estimate of the discovery's 3C gross recoverable resource estimate is 1.01 billion boe, which is above the high end of Talos' guidance range.

In late June 2019, Talos completed the Zama appraisal program with initial tests showing that the field's resources will be in the upper range of the guidance of 400 million to 800 million boe. Talos President and CEO Timothy Duncan has said the consortium is targeting production in 2022.

Talos Energy operates the project with a 35% stake. Other Block 7 consortium partners include Premier Oil PLC with a 25% stake while the remaining 40% is held by Wintershall DEA unit Sierra Oil and Gas S. de R.L. de C.V.