First Private Oil Well In Mexico In 80 Years, Talos Energy

It has been just about 80 years since Mexico has allowed a foreign and private company to utilize energy sources within the country of Mexico. Now that has changed, a joint venture comprising of the London-based Premier Oil Plc, Talos Energy based out of Houston and Mexico’s ow Sierra Oil & Gas have sunk a new offshore oil well within the Mexican waters. This is the first offshore exploration done since by anyone since the state owned monopoly Petroleos Mexicanos since Mexico nationalized its Oil & Gas industry.

This new well, named Zama-1, is located off of Tobasco in the Sureste Basin and it holds what is estimated to be around 100 to 500 million barrels of crude oil, according to a press release given by Premier Oil. It is anticipated that the drilling process will take about 90 days to complete which will cost Premier around $16 million and more information click here.

According to Premier, Talos Energy holds a 35% stake in the Zama-1 well. Talos Energy was founded by Tim Duncan with the financial backing of his previous backers, summing a total of $600 million in equity. Also Talos Energy sports assets in the Gulf of Mexico that yielded more than 16,000 barrels of oil per day. When a deal was struck with Apollo Management and Riverstone Holdings, Talos Energy had but 15 employees and now boasts a staff of over 120 professionals and what Talos Energy knows.

Talos Energy falls around the middle of the pack when it comes to employee compensation, however, Tim Duncan has done something a bit unique and has given a piece of the equity cake to each of the receptionists, geologists as well as all of the other employees, giving them a direct link to the company’s future and Talos Energy’s lacrosse camp.

Recently, Talos Energy has acquired an oil and natural gas producing subsidiary, Helix Energy Solutions at a price tag of $630 million and is now in the market to acquire more with a projected $475-$500 million in projected revenue, Talos Energy is poised to continue is steady growth and hire more employees. Talos Energy is one of the rare few energy companies that truly cares about its employees as well as its position on the larger scene and https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=183786013.

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