Talos Energy, a Houston-based oil exploration and acquisition firm, is making waves in the Mexican waters with greatly rewarding offshore explorations. The company, joined by Premier Oil, based in London, and Sierra Oil & Gas from Mexico, has also created history when their consortium started drilling in the Mexican waters after a long period of 80 years as private players. It should be noted that the Mexican oil industry was nationalized in the year 1938, and since then, all the exploration rights were granted to Petroleos Mexicanos, the state run firm. The consortium started drilling the well named Zama-1 on May 21, 2017, located near Sureste Basin away from Tabasco. The statement issued by Talos confirmed that the well could produce 100-500 million barrels of oil.
It was also confirmed that the drilling was expected to complete in 90 days. Interestingly, the companies secured the rights in the year 2015, during the first round of bidding that opened Mexican soil and water for private players. Elaine Reynolds of Edison Investment Research, a leading research firm in the oil sector, confirms that the industry is keenly watching the outcome of the drilling and refining process as the first non-Pemex attempt in the Mexican waters in after long years. Interestingly, the basin structure brings the possibility of “high geological chance for success.” It should be noted that Talos Energy is acting the role of oil well operator and holding the 35% stake in the venture. Further, Premier holds 25% stake, and Sierra takes 40% of it.
Talos Energy was founded in the year 2012 as an independent crude oil and gas company. It has exploration and production services in the U.S., Gulf Coast, and Gulf of Mexico. The energy firm gives greater emphasis to exploration, asset optimization, and exploitation to drive high-value outcome from each of its missions.
The company is formed by the partnership of Riverstone Holdings and Apollo Global Management. Though Talos was founded in 2012, it learned the expertise required for the industry quickly and started innovating in all areas of its operation. It also commits safe, environment-friendly operations and implements various measures in its systems to support it.