US producer Talos Energy has finalised the unitisation agreement for its shallow-water Zama discovery in Mexico following an operatorship dispute with state-owned Pemex. In 2017, Talos announced the Zama find of up to 950mn bl of recoverable oil equivalent in block 7, which neighbours Pemex acreage. But after more than two years of talks, the parties failed to agree and the energy ministry designated Pemex as operator in July last year. That decision was criticised for deterring investors, for the strain it will put on Pemex's stretched finances, and because of Pemex's lack of experience drilling a reservoir at Zama's depth. The block could produce up to 160,000 b/d of oil equivalent, Talos says, making it the largest exploration and production contract awarded since 2014's energy reforms.
Related news posts
Hormuz transits sparse after US-Iran clashes: Update
Hormuz transits sparse after US-Iran clashes: Update
Updates with details throughout London, 12 July (Argus) — Ship transits through the strait of Hormuz fell further following fresh clashes between the US and Iranian militaries over the weekend. US and Iranian forces both expanded their attacks for two consecutive days on Saturday and Sunday, hitting defense targets and, in the case of Iran, resuming attacks on ships and oil infrastructure in the Mideast Gulf. US forces launched another round of attacks against Iran at 22:00 GMT on Sunday, according to US Central Command (Centcom), which oversees Middle East-based US forces. Iran's forces earlier on Sunday targeted Kuwaiti border checkpoints and an offshore oil facility, Kuwait's defense ministry said. Iran's Islamic Revolution Guards Corps (IRGC) said early on Sunday that the strait of Hormuz would be closed until further notice, after the US on Saturday carried out another round of strikes on Iranian military targets. IRGC also claimed that its attacks on a Kuwait-based US military base resulted in US casualties. Centcom disputed the claim. Centcom also disputed Tehran's claim of having shut down Hormuz. "Iran does not control the strait," Centcom said in a social media post. "Traffic is flowing." But visible AIS data from MarineTraffic showed no traffic through the strait, although vessels may be transiting with tracking systems switched off. The growing security risk could limit such attempts and threaten the nascent recovery in Gulf crude and product exports. Iran's forces appeared to have attacked Cyprus-flagged containership GFS Galaxy as it transited the strait of Hormuz via the southern route near Oman on Saturday. The vessel was hit nine nautical miles east of the Omani coast, prompting the crew to abandon the ship in a lifeboat. The lifeboat has since been rescued by local authorities, the UK Maritime Trade Operations (UKMTO) said. The vessel appeared to have its AIS tracking switched off at the time. In a separate IRGC statement carried by the Sepah news agency early on Sunday, the force claimed its aerospace arm had struck logistics support centres and refuelling platforms linked to US aircraft carriers at Duqm port in Oman. Duqm is a significant distance from the strait of Hormuz and was hit in the early days of the war, but it has been less severely affected since. Oman's state news agency also reported drone strikes across Musandam governorate, Oman's northernmost governorate. Oman condemned the attacks, the agency added. By John Ollett, Rithika Krishna and Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran says Hormuz shut after fresh US attacks
Iran says Hormuz shut after fresh US attacks
London, 12 July (Argus) — Iran's Islamic Revolution Guards Corps (IRGC) said early on Sunday that the strait of Hormuz would be closed until further notice, after the US carried out another round of strikes on Iranian military targets on 11 July. "The strait of Hormuz will be closed until further notice and until the end of American interventions in this region, and no vessels will be allowed to pass through," the IRGC-affiliated Tasnim news agency said. US Central Command (Centcom) later challenged the closure claim. "The strait of Hormuz is open to all vessels seeking to lawfully transit the international waterway," Centcom said on X. "Iran does not control the strait. Traffic is flowing." The conflicting statements deepen uncertainty over shipping through the key Gulf waterway and raise the risk of renewed disruption to oil and LNG flows from the region. The latest US strikes followed an attack on the containership GFS Galaxy as it transited the strait of Hormuz via the southern route near Oman. Centcom said it began the strikes at 19:15 ET (23:15 GMT) on 11 July, after IRGC forces attacked the Cyprus-flagged vessel. "A civilian crew member is missing and the vessel is unable to continue the journey due to an onboard fire and significant engine-room damage," Centcom said. The vessel was hit nine nautical miles east of the Omani coast, prompting the crew to abandon the ship in a lifeboat. The lifeboat has since been rescued by local authorities, the UK Maritime Trade Operations (UKMTO) said. The vessel appeared to have its AIS tracking switched off at the time. Centcom said the US completed a third round of strikes against Iran on 11 July, hitting about 140 Iranian military targets. Targets included Iranian missile and drone sites, naval capabilities, ammunition storage facilities, communication networks and coastal surveillance locations, it said. In a separate IRGC statement carried by the Sepah news agency early on Sunday, the force claimed its aerospace arm had struck logistics support centres and refuelling platforms linked to US aircraft carriers at Duqm port in Oman. Duqm is a significant distance from the strait of Hormuz and was hit in the early days of the war, but has been less severely affected since. Oman's state news agency also reported drone strikes across Musandam governorate, Oman's northernmost governorate. Oman condemned the attacks, the agency added. Visible AIS data from MarineTraffic showed no traffic through the strait, although vessels may be transiting with tracking systems switched off. But the growing security risk could limit such attempts and threaten the nascent recovery in Gulf crude and product exports. By John Ollett and Rithika Krishna Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US cuts habitat protections for at-risk species
US cuts habitat protections for at-risk species
Washington, 10 July (Argus) — President Donald Trump's administration has finalized a regulation that would curtail protections that apply to the habitat of species at risk of going extinct, marking a major rollback to restrictions in the Endangered Species Act. The final rule, announced on Friday, would rescind a regulatory definition from 1981 that prohibited actions that would significantly harm the habitat of protected species. The administration said that definition, which has protected the land and water of at-risk species for decades, was an "unlawful intrusion that interfered with private property rights" and would be rescinded in its entirety. "This action restores common sense, respects private property, provides much-needed certainty for landowners and follows the statute Congress actually passed," US interior secretary Doug Burgum said. The US Interior Department, which has yet to release the text of the rule, said the change would reduce "unnecessary" permitting and "eliminate confusion" for landowners, energy companies, farmers and local governments. Last year, Interior said its intended revision would only apply on a prospective basis and not apply to permits that have already been issued. Environmentalists are preparing litigation challenging the rollback, which they say would make it far more likely for species to go extinct by eliminating protections of the habitat where they live. The administration's revised interpretation of the law would still prohibit directly injuring or killing wildlife, such as poaching, but would end protections that would otherwise limit energy production or other development on the remaining habitat of an at-risk species. "Habitat destruction is the number one threat to endangered species and Trump's decision to toss out the definition of harm is a death knell for America's wildlife," Center for Biological Diversity senior campaigner Tara Zuardo said. The US Supreme Court in 1995 sided with federal regulators that had said a prohibition against "harm" in the Endangered Species Act also extended to a species' habitat. But the Trump administration last year, in its proposed rule, said it no longer believes that is the best meaning of the law, prompting its decision to repeal that definition. In March, the administration exempted all offshore oil and gas operations in the US Gulf of Mexico from compliance with the Endangered Species Act by citing national security concerns. Last month, a federal judge in Maryland cited that action to throw out a lawsuit from environmentalists that said Trump-era protections for whales and other at-risk species in the Gulf were insufficient. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Double trouble for Caracas
Double trouble for Caracas
Earthquake recovery takes centre stage, but the same uncertainties about upstream investment wait in the wings, write Carla Bass and Carlos Camacho Caracas, 10 July (Argus) — Venezuela's twin earthquakes in late June left crude and natural gas production infrastructure largely intact, despite killing thousands, even as they shifted the political ground in ways that are still emerging. The country's oil operations are concentrated in the Orinoco heavy oil belt east of Caracas and around Lake Maracaibo to the west — outside areas hardest hit by the quakes, such as the city of La Guaira. The destruction killed more than 3,800, a count that is expected to rise as thousands are still missing. The earthquakes came as Venezuela is trying to rebuild its economy and oil industry in the wake of the US' 3 January incursion.Crude production is continuing apace, most operators say. It climbed to 1.2mn b/d in June from about 1.1mn b/d in prior months, with the government aiming for 3mn b/d in 2030. Efforts to attract inward investment are also expected to continue as planned, industry sources say, although progress here was already slow as investors await greater certainty about operating in the country. Interim president Delcy Rodriguez says oil regulations she approved this week will help provide "resources for the recovery and reconstruction of our country" after the quake. The regulations are meant to implement reforms passed earlier this year to allow firms other than PdV to operate oil fields. They also simplify taxes and trim the state's share of earnings and production — Caracas' take from crude production projects has fallen to 20-35pc for most projects, down sharply from an earlier standard of 83.33pc — and create more defined royalty tiers. But Rodriguez must first get to grips with a country where many citizens want basic disaster recovery to take priority over oil contracts. Disapproval of the Rodriguez administration rose to 63pc in an AtlasIntel-Bloomberg poll conducted on 26-20 June, following the quakes, up from 59pc a month earlier. And 65pc disapprove of the government's earthquake response, according to the same poll. Pressure release The disaster could buy Rodriguez's regime a temporary reprieve from political pressure or catalyse a democratic transition, according to consultancy Teneo's political analyst Nicholas Watson. Most officials who worked under former president Nicolas Maduro — including some wanted by the US for drug trafficking — remain in place. But the US has said it is prioritising stability before moving to free elections. The US has indicated it will reinforce the status quo. This includes not opening a path for opposition leader Maria Corina Machado to visit Venezuela after the disaster, although President Donald Trump later indicated this could change. He has still expressed solidarity with Rodriguez and committed to continue disaster recovery aid, while cutting humanitarian assistance to many other countries. But in any case, investor uncertainty will do more to delay upstream development than earthquake recovery. Both existing and hopeful new producers have lined up to sign initial agreements, but "the push now is to turn those into contracts", one industry source said. Contract models included in the reform are workable if not perfect, industry sources say, but the energy ministry will still have a high level of discretion. Potential newer entrants are also wary about commercialisation of production, which involves selling, for example, lighter crude to PdV and receiving potentially heavier crude or fuel oil as payment in kind. Cash flow also remains a problem. Disbursements of oil revenue that must go via a US Treasury Department fund could be more frequent, some operators say. For now, some Venezuelans' main energy concern is having natural gas supplies for cooking turned back on as pipeline and building inspections continue, if the building was lucky enough to stand. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Related Products
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more