Private Oil Firms Report Expansive Shallow Water Discovery Off Mexico Coast

A consortium of Mexican and foreign private companies says a well drilled in shallow water has found between 1.4 and 2 billion barrels of crude oil equivalent in the Gulf of Mexico.Houston-based Talos Energy LLC says it has a 35 percent interest, along with Sierra Oil and Gas and Premier Oil Plc.Talos said in a statement Wednesday the well started at a depth of 545 feet below the Gulf surface and reached a depth of 11,100 feet underground.It's one of the largest discoveries made in shallow water by a private firm in Mexico, where private drilling under a concessionary scheme was approved as part of the country's 2013 oil reforms.Previously, the state-run oil company had found many shallow-water fields in the Gulf.The Associated Press  Continue reading...