Market analysts are raising concerns about a looming oil production gap that could hit the world economy hard, possibly within five to seven years. That’s because pending sanctions on Iran will take that major supplier out of the global equation. Analysts say that more major new discoveries are needed to head off an uncertain future.
Those same analysts cited Houston-based Talos Energy as one company that is part of the solution. The young and hungry deepwater wildcatter recently made a major find in Mexican territorial waters off the coast of Tabasco last year. The well, dubbed the Zama-1, might hold as much two billion barrels of crude oil equivalent.
The energy consultancy firm Wood Mackenzie said a supply gap is likely to show up in the middle of the 2020 decade. The shortage could surge to 3 million bpd by 2030.
That’s why more companies with the Talos Energy philosophy and approach are much needed in today’s industry. Under CEO Tim Duncan, Talos is determined to innovate, leverage high technology and put the smartest people in the business to work on developing locations that other entities consider “unreachable.”
Talos is not only buying up blocks in both shallow water and deepwater locations across the Gulf of Mexico, it is entering into creative partnerships with entities like Pemex and Hokchi Energy. The former is the Mexican national oil company and the later is a subsidiary of the Argentinian Pan American Oil.
For an Pan American Oil company to partner with Pemex is nothing less that historic because Mexico has not allowed foreign entities to operate within its territories since it nationalized its oil industry in 1938. But now Talos has joined with Pemex and scored a major find.
More innovation like this will be needed if the world oil supply is to remain robust and stable — or at the very least — avoid a looming shortage.
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