Mexico Gets Its First Private Oil Well in 80 Years

  • Zama-1 well launched in Sureste Basin May 21: Premier Oil
  • A project ‘keenly watched by the industry,’ analyst says
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For the first time in almost 80 years, a private company has sunk a new offshore oil well in Mexican waters -- the latest step in the country’s drive to allow foreign competitors back into its energy markets.

A joint venture of London-based Premier Oil Plc, Houston’s Talos Energy LLC and Mexico’s Sierra Oil & Gas began drilling the well May 21, Premier said in a statement Bloomberg TerminalMonday. It’s the first offshore exploration well to be launched by anyone other than state-run monopoly Petroleos Mexicanos since the country nationalized its oil industry in 1938.