Weekly Report - 20 July 2017 (WR-17-28)

MEXICO | Oil discovery. On 12 July the private oil firms Sierra Oil & Gas (Mexico), Talos Energy LLC (US), and Premier Oil (United Kingdom) announced the discovery of “significant quantities of oil in the primary target formation” in the Gulf of Mexico. The discovery was made in Block 7 of the ‘Zama-1’ exploration well, located off the coast of Tabasco state. This the first offshore successful exploration well drilled by the private sector in Mexico’s history, following the landmark 2013-2014 energy reform, which opened up Mexico’s energy sector to increased private participation and ended the long-standing oil and gas production in the country monopoly of Mexico’s state-owned oil firm Petróleos Mexicanos (Pemex).

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