World Class Oil Discovery Puts Mexico Back In The Race

The UK-based Premier Oil, along with its partners Talos Energy and the Mexico City-based Sierra Oil & Gas, announced a potentially huge new oil discovery off the Mexican coast last Wednesday. Premier said the Zama-1 well is a “world class discovery.”

Premier said the initial results suggest the well holds in excess of 1 billion barrels, although the field could extend into a neighboring block. The well contains light oil and some associated natural gas.

“We have encountered a very substantial oil bearing interval which indicates over 1 billion barrels of oil in place, a commercial standalone development which adds materially to Premier’s portfolio of assets worldwide. It is particularly pleasing that our strategy of focusing our exploration portfolio on high impact opportunities in proven but under-drilled basins has led to this world class discovery with our first well in Mexico,” Premier’s CEO Tony Durrant said in a statement…

 

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