Mexico's state-owned Pemex has selected UK-based Harbour Energy as the new operator for the Zama field, the country's largest undeveloped offshore oil discovery. The field, discovered by Talos Energy in 2017, holds an estimated 750 million barrels of oil equivalent in shallow waters and has the potential to supply 10% of Mexico's national oil output.

Background and Operator Selection

Pemex identified Harbour and Talos as potential operators earlier this year, as the project was not progressing under the financially troubled state company. The appointment was agreed upon by all partners in the consortium.

Project Development and Next Steps

Following its appointment, Harbour stated the next phase involves completing engineering and design work in 2026, ahead of a final investment decision. Talos's CEO suggested the development concept could be more cost-effective and simpler than Pemex's original proposal, emphasizing a focus on efficient development from both cost and risk perspectives.

Partnership Structure and Governance

The ownership and governance structure of the Zama project is as follows:

• Harbour Energy holds a 32.22% interest and is the new operator.
• Pemex retains a 50.4% interest.
• Talos Energy holds a 17.35% interest.
• Grupo Carso holds an indirect 13.9% share through its majority stake in Talos Energy Mexico.

Each partner has the option to appoint key personnel to the project team, subject to approval by Mexico’s Energy Ministry.

Strategic Significance

Harbour described the appointment as a testament to the trust placed in it by the Mexican government and Pemex. Once operational, the Zama field is expected to make a material contribution to Mexico's domestic energy supply and to Harbour's own production levels.