For the first time since the 1930s, Mexico is allowing private companies to dig oil wells in their waters. This decision was made after Mexico voted to bring back some competition into their energy market so that they could revive it. Up until this time, the oil industry in Mexico had been dominated by the Petroleos Mexicanos. Premier Oil from London, Sierra Oil And Gas from Mexico, and Talos Energy from Houston are working together on bring private companies back into the game.
They are going to be working on the Zama-1 well which is found in the Sureste Basin just off of Tabasco, the state. Talos Energy is the operator of the well and they have a 35 percent stake in the exploration. Premier Oil has a 25 percent stake and Sierra Oil & Gas has the largest stake at 40 percent. It will take about 3 months for the exploration to be completed and during that time Premier Oil expects to spend $16 million in order to fund the project. Everyone seems to be watching the project with a high amount of interest because they are curious to see how it affects the energy market in Mexico. Many people believe it will be hugely beneficial not only to the companies involved, but the oil industry as well.
Talos Energy recently acquired Energy Resource Technology which is a subsidiary of Helix Energy Solutions. This followed Energy Resource Technology’s great success in the Wang exploration. During that project they were able to find more than 100 feet of crude oil stored in the Phoenix Field of the Green Canyon Block. Talos Energy is pleased with this deal because it put them into a great position to expand into a larger and more success E&P company on the lower Gulf Coast and Gulf of Mexico.
Talos Energy was also recently awarded by WorkplaceDynamic for being a great place to work. They give every single one of their employees a piece of equity within the company. With this accomplishment and their work on Zama-1, they are on the road to great success.
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