In 2015 Mexico made the decision to allow private companies into their oil industry for the first time in 80 years. This decision is part of the country’s energy reform process. The goal of the reform has been to reintroduce foreign competitors into their energy market. Before this decision, Petroleos Mexicanos has been the only company to launch an offshore well.
The first non-Pemex well in Mexican waters will be owned by three private companies, two of them being foreign. The three companies, Talos Energy LLC, Premier Oil Plc, and Sierra Oil & Gas, won the rights to launch the well in 2015 after Mexico made the decision. The drilling began May 21st and is expected to take 90 days to complete. The well, Zama-1, is located in the Sureste Basin off the state of Tobasco, and it is said to hold 100 million to 500 million barrels of oil. Due to the geological location of the basin and its structure, it is expected to be very successful and read full article.
Houston-based Talos Energy currently operates the well. They own 35% stake in the venture. London’s Premier Oil owns 25% stake, and Mexico’s Sierra Oil & Gas owns 40%. This venture makes Talos Energy the first foreign operator in Mexico since 1938.
About Talos Energy
Talos Energy LLC is a private oil and gas company based in Houston, Texas. The company was founded in 2012 in partnership with Apollo Global Management and Riverstone Holdings. They are focused on the acquisition of offshore oil and gas properties mostly in the Gulf of Mexico and Gulf Coast. They have a track record of using innovative techniques that result in significant exploration and production and Talos Energy on Facebook.
Talos is a small company with about 60 employees located in Houston and 60 more field operators located around the Gulf Coast. In 2013 they were named number one best small company by Workplace Dynamics and what Talos Energy knows.