By allowing Talos Energy and three other firms to drill oil within the Mexican waters, the country consolidated its efforts to encourage foreign competition in the energy sector. For close to 80 years offshore exploration was a reserve of Petroleos Mexicanos, a state corporation. Houston based Talos Energy LLC will control the majority of the projects at the well and accounts for 35% of the venture, while, Mexico’s Sierra Oil & Gas and London based Premier oil plc represent 25% and 35% respectively. Given that it’s the first non-Pemex project and the recent reforms in the sector, analysts anticipate keen monitoring from others.
Zama Well-1 has a capacity of 100 to 500 million barrels of crude oil and is close to Tabasco state in the Sureste Basin. The approximate drilling costs are $16 million, and the project is to take 90 days. The structure of the Sureste basin proposes a high chance of success for the project. In July 2017, Talos announced that the exploration of the Zama well-1 had discovered oil and what Talos Energy knows.
Talos Energy is passionate about its pursuits and focuses on acquiring assets around the Gulf coast through asset exploration, exploitation, and asset optimization. With high tech resources including a 3D seismic data and the competent technical teams, Talos energy maximizes its drilling environment and ensures better evaluation of joint ventures and acquisitions and Talos’s lacrosse camp.
Tim Duncan and his private partners established Talos Energy with a group of 60 professionals and $600 million in equity from former sponsors and assets in the Gulf of Mexico with a production capacity of 16,000 barrels of oil daily. The company has grown significantly after striking a deal with Apollo Management and Riverstone Holdings to increase its number of employees along the Gulf of Mexico to up from 15 to 120 and read full artilce.
Talos’s acquisition of the gas and oil subsidiary, Energy Resource Technology, of the Helix Energy Solution Group established it as one of the most enterprising companies in the sector. Ash Shephard, the company’s commercial manager, was named Oil and Gas Investor’s Thirty Under 40 honoree for the role he played in the company’s most significant transaction yet and https://www.crunchbase.com/organization/talos-energy.