Talos Energy Pioneering in the Mexican Waters with a Change
Talos Energy, a Houston-based oil firm, is pioneering in the Mexican waters by causing a change. It became part of the mission of private companies into Mexican oil exploration and refining industry after a span of 80 years. A consortium led by Talos Energy, including Premier Oil from London and Sierra Oil & Gas from Mexico, started the drilling and exploration in the Mexican offshore, making the days of Mexican energy industry is monopolized by state-owned firms a history. It should be noted that the Mexican oil industry was nationalized in the year 1938, and since then, it was ruled by Petroleos Mexicanos – a state-owned firm. The exploration is taking place near the Sureste Basin located off the Tabasco state, and the well is named as Zama-1 well. With the recent exploration, the group is aiming to refine crude of 100-500 million barrels, in total.
It is estimated that the exploration may take a maximum of 90 days to complete and it would add a cost of $16 million. Interestingly, the three-company joint venture won the rights of exploration in the year 2015, during the initial round of bidding that opened the waters for private players. Elaine Reynolds, a senior analyst at Edison Investment Research – a London-based energy research firm – confirms that the industry and Mexican people are eagerly waiting for the outcome of the drilling and refining considering it as an initial step towards a significant reform process targeting the energy sector of the country. It should be further noted that Talos Energy is assuming the role of the operator of Zama-1 well, and it holds 35% stake in the joint venture.
Talos Energy is a privately held firm founded in the year 2012 by Tim Duncan, a leading investor in the energy sector, and his partners. The company gave utmost care to the sustainable development initiatives and went for innovative solutions for its energy sector deliveries.
The energy company primarily focuses on investments in the Gulf Coast of Mexico and Gulf of Mexico. It is also actively involved in the community development needs and encourages its employees to serve the society. Talos Energy conducts various events to help nonprofit organizations and initiatives such as Houston Food Bank, Operation Gratitude, Movember, and Gulf Coast Regional Blood Center.