Harbour Energy, the new operator of Mexico's giant shallow-water Zama oilfield, has submitted a simplified development plan to regulators that centers on using a floating production, storage and offloading (FPSO) vessel for first-phase production. This plan aims to advance the long-delayed project, which holds an estimated 750 million barrels of oil equivalent, in a more capital-efficient manner.

Project History and Delays

Discovered in 2017 by Talos Energy, the Zama field was heralded as a major success for Mexico's reopening of its oil sector to private investment. However, its development stalled due to political and governance issues. Following the 2018 election of President Andres Manuel Lopez Obrador, who favored limiting private sector involvement, state-owned Pemex was designated as the operator in 2022 despite Talos's opposition. Pemex's original, expensive $9.09 billion development proposal, deemed inefficient, further delayed progress.

New Operator and Strategic Shift

Harbour Energy assumed operatorship of Zama in December, a move analysts interpret as a shift in the government's approach under incoming President Claudia Sheinbaum towards a more open stance with private operators. This change is expected to lend the project greater credibility and improve its access to necessary financial resources. Harbour's CEO had previously indicated partners were considering phased developments to manage costs, mindful of Pemex's financial challenges.

Field Potential and Ownership

Zama's peak production is estimated at 180,000 barrels per day. Analysts project it will become Mexico's top-producing field in the next decade, significantly aiding the country's goal of reaching 1.8 million barrels of oil equivalent per day by 2030. The field's ownership is split between Pemex (50.4%), Harbour Energy (32.22%), Talos Energy (17.35%), and Grupo Carso, which holds an indirect 13.9% share through its stake in Talos Energy Mexico.

Current Development Status

While specific milestones for the new plan are not yet public, Harbour has identified the Lakam-Ha FPSO (formerly the Armada Claire) as the likely vessel for the project, though arrangements are not finalized. The focus is now on advancing the simplified, phased development to finally bring this strategically critical field into production.