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Talos Energy's (TALO) Zama Oilfield to Continue Unitizing Process
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Talos Energy Inc. (TALO - Free Report) announced that the unitization process of the Zama oil field development off the Mexican shore will proceed to the next phase despite their failed efforts to meet deadlines.
The Talos-led consortium and state-owned oil company Pemex failed to get a deal on how to develop the giant oilfield in due time, which ended on Mar 25. As a result, the unitization process will be conducted by the Mexican Ministry of Energy ("SENER") in accordance with Mexico regulations.
The private consortium managed by Talos Energy includes Talos and partners Premier Oil and Wintershall Dea of Germany. Notably, the parties were intended to determine which company will oversee the operations of joint development and how profits will be split as the Zama discovery made in the Talos-operated block in the Gulf of Mexico extends into the adjacent block of Pemex.
The Zama oilfield was discovered in 2017 by the consortium of Talos Energy. Notably, Zama is a shared reservoir, which extends from Block 7 to the adjacent Pemex AE-0152-Uchukil Asignación at the Cuencas del Sureste in the Bay of Campeche in Mexico. It is believed that Zama contains nearly 700 million barrels of oil, which makes it the new biggest discovery in Mexico executed by a private company over decades.
For the advancement of the process, final terms and conditions of a Unitization and Unit Operating Agreement are needed to be performed by the SENER on the basis of international best practices and considering inputs from the parties.
Company Profile & Price Performance
Headquartered in Houston, TX, Talos Energy is an upstream company, which engages in exploration, development and the production of oil and natural gas properties.
Shares of the company have underperformed the industry in the past three months. It stock has gained 47.6% compared with the industry’s 49.6% growth.
CNOOC’s earnings for 2021 are expected to rise 12% year over year.
Exxon’s earnings for 2021 are expected to increase 19.1% year over year.
Eni’s earnings for 2021 are expected to rise 17.1% year over year.
5G Revolution: 3 Stocks to Make Your Move
With super high data speed, it will make current cell phones obsolete and unlock the full potential of big data, cloud computing, and artificial intelligence. In the next few years this industry is predicted to create 22 million jobs and a stunning $12.3 trillion in revenue.
Today you have an historic chance to pursue almost unimaginable gains like Microsoft, Netflix, and Apple in their early phases. Zacks has released a Special Report that reveals our . . .
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Talos Energy's (TALO) Zama Oilfield to Continue Unitizing Process
Talos Energy Inc. (TALO - Free Report) announced that the unitization process of the Zama oil field development off the Mexican shore will proceed to the next phase despite their failed efforts to meet deadlines.
The Talos-led consortium and state-owned oil company Pemex failed to get a deal on how to develop the giant oilfield in due time, which ended on Mar 25. As a result, the unitization process will be conducted by the Mexican Ministry of Energy ("SENER") in accordance with Mexico regulations.
The private consortium managed by Talos Energy includes Talos and partners Premier Oil and Wintershall Dea of Germany. Notably, the parties were intended to determine which company will oversee the operations of joint development and how profits will be split as the Zama discovery made in the Talos-operated block in the Gulf of Mexico extends into the adjacent block of Pemex.
The Zama oilfield was discovered in 2017 by the consortium of Talos Energy. Notably, Zama is a shared reservoir, which extends from Block 7 to the adjacent Pemex AE-0152-Uchukil Asignación at the Cuencas del Sureste in the Bay of Campeche in Mexico. It is believed that Zama contains nearly 700 million barrels of oil, which makes it the new biggest discovery in Mexico executed by a private company over decades.
For the advancement of the process, final terms and conditions of a Unitization and Unit Operating Agreement are needed to be performed by the SENER on the basis of international best practices and considering inputs from the parties.
Company Profile & Price Performance
Headquartered in Houston, TX, Talos Energy is an upstream company, which engages in exploration, development and the production of oil and natural gas properties.
Shares of the company have underperformed the industry in the past three months. It stock has gained 47.6% compared with the industry’s 49.6% growth.
Zacks Rank & Stocks to Consider
The company currently has a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are CNOOC Limited (CEO - Free Report) , Exxon Mobil Corporation (XOM - Free Report) and Eni SPA (E - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
CNOOC’s earnings for 2021 are expected to rise 12% year over year.
Exxon’s earnings for 2021 are expected to increase 19.1% year over year.
Eni’s earnings for 2021 are expected to rise 17.1% year over year.
5G Revolution: 3 Stocks to Make Your Move
With super high data speed, it will make current cell phones obsolete and unlock the full potential of big data, cloud computing, and artificial intelligence. In the next few years this industry is predicted to create 22 million jobs and a stunning $12.3 trillion in revenue.
Today you have an historic chance to pursue almost unimaginable gains like Microsoft, Netflix, and Apple in their early phases. Zacks has released a Special Report that reveals our . . .
Download now. Today the report is FREE >>