Mexico is advancing the oil drilling industry by allowing private companies to drill in waters of the Gulf.. This is the first time this has happened in more than eighty years. Mexico has had a monopoly on their oil drilling since 1939. They hope to improve on their ailing oil industry by allowing the drilling company, Talos Energy LLC from Houston, Texas. to be a vital part of this new effort. Talos Energy has partnered with two other companies to make this venture a drilling and productive success. The new and technologically innovative Zama 1 well, can hold from 100 million to 500 million barrels of crude oil, and has a high potential for success. Mexico is doing this as part of their new oil reform. Mexico voted to allow private investments to do this project, and Talos Energy and partners won the rights during the first round of bidding. The well is set in the Sureste Basin off the Tabasco shore line and learn more about Talos Energy.
Talos Energy, LLC is a small company that was started around 2011 by Tim Duncan, with the equity of $600 million from some of his previous backers, and assets in the Gulf of Mexico that produced 16,000 barrels of crude oil per day. Tim Duncan is the President and Chief Executive Officer of the company. Duncan also had a team of 60 professionals committed to his new endeavor. An independent gas and oil company, Talos Energy LLC is focused on production from offshore explorations. The management and technical teams have an average of thirty years of commercial, operational, acquisition and geological experience in the Gulf of Mexico. Mexico awarded the contract to Talos Energy LLC the Houston based company, after the Historic Constitutional Energy Reform. This made Talos the first foreign company to operate in Mexico since 1939 and more information click here.