Talos Energy has made a historic, major oil discovery offshore Mexico. The Zama-1 well discovered an estimated 1.4 billion bbl to 2 billion bbl of light oil in place, according to published reports. As the country’s first wildcat discovery by a private company in almost 80 years, the find is a milestone for Mexico’s recently reformed oil and gas sector. While Eni made a discovery earlier this year, it was in waters that had been previously explored by Pemex. The Talos discovery was in unexplored waters. The Zama well lies in 546 ft of water on Block 7 of the Sureste Basin 37 miles offshore Dos Bocas in the state of Tabasco. Talos, with a 35% interest, is the operator and leader of the project joint venture, which includes Sierra Oil and Gas (40%) and Premier Oil (25%).