Talos Energy, Premier Oil and Sierra Gas and Oil have signed a PUA or Pre-Unitization Agreement that are in relation to the contiguous Block 7 and Pemex that have a current contract to share productions. The Mexico Southeast Basin contain both of these offshore areas.
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— talosenergy (@talosenergyllc) February 12, 2013
According to the new regulatory and legal revamped framework, this is the first pre-unitization agreement that has ever been signed in Mexico. This agreement is good for two years and actually enables the parties to share information that relates to Zama discovery and the Pemex’s extension for the neighboring block. This agreement sets a clear path for the Unit Agreement and Operating Unit Agreements to be signed so that a reservoir may be confirmed. This establishes a process that defines international practices so the results can determine each party’s participation for the potential developments overall.
Both parties agreements will result in the Working Group to be immediately formed. This agreement will maximize the informational and operational efficiencies which define the group’s activities for reducing any potential hazards, and the collection of area data. This will all benefit Mexico. The technical and legal representatives will be comprised by the company’s members
The Ministry off Energy or SENER has previously approved the PUA or The Pre-Unitization Agreement.
Mexico largest company is Pemex. The entire chain actually operates through the industries such as production and exploration -upstream-to the transformations of industrial logistics and downstream marketing.
Sierra Gas and Oil actually owns about 40% of the Block 7 Consortium. Premier Oil owns about 25% and the Talos Energy Company owns about 35% of the interest in the Block 7 Consortium.
A technically driven production and independent exploration company that operates in the Gulf of Mexico and the United States of America is Talos Energy. The company’s focus is to develop deepwater and shallow assets that are near the existing infrastructure. The coast of Mexico’s shallow waters provides the company with exploration impacts that are high in the emerging basins.
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