After more than eight decades, a private firm has gained the right to exploit the Mexican Waters for oil exploration. This is largely seen as a milestone in the country’s drive to bring in foreign competitors in its energy sector and read full article.
The drilling begun on May 21 spearheaded by a joint venture of London based premier oil, Houston’s Talos energy LLC, and Mexico’s Sierra Oil and Gas. Previously, offshore exploration has always been done by monopoly Petroleos Mexicanos. This is since 1938 when Mexico nationalized its oil industry. The above three companies won the rights to prospect in the year 2015. This was in their first instance of placing a bid because the country was ready to revive its failing oil industry to private entities. The Zama-1 well in the Sureste basin, which is located off the state of Tabasco, holds up to an estimated 100 million- 500 million barrels of crude oil. It is expected that drilling will take up to 90 days to complete; this is at the cost of $16 million. This move is largely expected to impact positively on the country’s energy reform. The project’s structure of the basin clearly indicates that its chances of success are beyond a shadow of doubt. In this joint venture, Talos owns 35% stake, while Sierra and premier owns 40% and 25% respectively and learn more about Talos Energy.
Talos Energy LLC, which is based in Houston, TX, focuses on exploration and the acquisition of oil and gas properties. The firm is backed by solid investment funds affiliated with Apollo Global Management, Riverstone Holding LLC and Talos Management. Talos Energy has been listed by WorkPlaceDynamics as the best place to work in among small businesses.
The chief executive officer says that the company offers a suitable environment for the growth of its employees. The company has taken over Helix Energy Solutions, which is an oil and gas producing subsidiary, for $620 million. The company is expected to grow tremendously and employ more people owing to its projected revenue this year, which was about $475 million -$500million. The CEO always motivates his team to bring their best ideas on board and Talos Energy’s lacrosse camp.
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