Since the Mexican oil industry was nationalized 80 years ago in 1938, only the state-run monopoly Petroleos Mexicanos has been allowed to drill oil in the country. However, in May this year, the first privately owned Oil Company was entitled to sink an offshore oil well in Mexican waters. This is in line with the country’s recent efforts to open up the energy sector to competition and Talos Energy’s lacrosse camp.
The drilling effort was carried out by the joint venture of three companies. Sierra Oil & Gas Company of Mexico, Talos Energy LLC from America and Premiere Oil Plc based in London in the UK. Named the Zama-1, the well is found in the Sureste Basin in Tabasco. It is estimated to hold an estimated 100 to 500 million barrels of crude oil. The three companies won the first round of bidding to prospect for oil in the country since 1938 in 2015. After prospecting for two years, drilling started on 21st May 2017 and is expected to go on for 90 days at the cost of 16 million U.S dollars. It is a keenly watched process in the ailing Mexican energy industry, although it has been pitted for high chances of geological success based on the Sureste basin’s structure and their Website.
Talos Energy LLC is a privately owned gas company based in Houston, Texas. Founded in 2012, the company has made a reputation for itself as a reliable offshore exploration and production company. Talos was started with 600 million dollars in equities from previous backers of founders Tim Duncan his partners, who had made a name for themselves from their stellar performance in Phoenix Exploration. It was also backed financially by a group of 60 professionals from their home city of Houston. Within a year of striking a financing deal with equity company Apollo Management and Riverstone Holdings, the company grew from having just fifteen employees to having a workforce of 120. That is evidence of the exponential growth that it experienced, growth that it continues to experience to date and their Facebook.
In 2013, Talos Energy LLC was named as the best workplace among small companies in Texas by WorkplaceDynamics. Tim Duncan admits that creating a good working environment is one of the leading secrets behind the company’s success and more information click here.