Mexico has reformed their oil industry and now, for the first time in 80 years, a private company is drilling an oil well in Mexican waters. It’s the country’s latest step in their move to reenergize their energy markets by allowing foreign competitors to participate. Beginning in 1938 when Mexico nationalized their oil industry, only state-run Petroleos Mexicanos did offshore oil exploration in the country. Now Houston’s Talos Energy LLC and Premier Oil Plc,a London-based company, are involved in a joint venture with Mexican company Sierra Oil & Gas to drill the Zama-1 oil well.
Work on the well off Mexico’s Tabasco state in the Sureste Basin began May 21. It is expected to be completed in 90 days and cost $16 million. The amount of crude oil the well is estimated to hold is between 100 and 500 million barrels. The companies won prospecting rights during the first round of the bidding process in 2015. Talos Energy will operate the well and own a 35% stake. Premier will control 25% and Sierra controls 40% of the venture. The chance of geological success of the project is high and the energy industry is paying close attention to this most interesting oil exploration project.
Talos Energy LLC was founded by Tim Duncan and a group of oil industry veterans. They had developed and sold Phoenix Exploration and invested $600 million in Talos Energy. The Talos Energy team have a combined decades of experience successfully doing projects in the Gulf of Mexico. It also combines over 60 Houston-based professionals, dozens of experienced field operators and innovative technology. The dynamic energy company employs some of the brightest minds in the industry to handle exploration and production
But Talos Energy is more than just a company focused on oil exploration, it is also a great place to work. While the company offers exciting opportunities for innovative work in the energy industry, it also offers competitive benefits, flexible work schedules and promotes work/life balance. That has helped make Talos Energy a great place to work. It has been voted a top workplace several times.