Exclusive: Mexico's Pemex seeks control of US oil firm's billion-barrel find

MEXICO CITY: When U.S. oil firm Talos Energy found nearly a billion barrels off Mexico's southern Gulf coast two years ago, it marked the first discovery by a foreign firm since the oil industry was nationalized eight decades earlier.

"If Pemex does end up operating it, that would not send a good signal to private investors," said one executive from an oil major with several offshore projects in Mexico.Neither Pemex nor the Energy Ministry responded to requests for comment. Lopez Obrador's office did not respond to written questions.

Some firms are already packing up, including some of the original stakeholders with Talos in Zama. Sierra Oil & Gas sold its 40per cent stake in Zama, along with the rest of its assets - all of them in Mexico - to the company now known as Wintershall DEA. Premier Oil said last month that its 25per cent stake was for sale.

Talos would also have to rely on Pemex to execute drilling efficiently and profitably. That's no sure bet given that Pemex - the world's most indebted oil firm - has seen its production decline by half since 2004 as the company struggled with aging fields and underinvestment.

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