Until recently, Mexico has not allowed foreign countries to drop an oil well in its waters. For the first time in 80 years, the joint venture of three oil companies began drilling the well in May of this year. Sierra Oil & Gas of Mexico, Talos Energy, LLC based in Houston, Texas and Premier Oil Plc from London established the first offshore exploration well. Mexico nationalized its the oil industry in 1938 and only Petroleos Mexicanos has executed any oil drilling. The three companies bid for the right to drill in 2015. The cost to drill the well is $16 million and will take 90 days to complete.
The area being drilled, off of Tabasco and estimated to hold an estimated 100 million to 500 million barrels of crude oil. The structure of the basin where the well is being dropped suggests the venture will be successful.The well is being drilled as part of Mexico’s energy reform process and will be under industry scrutiny. The project will be one of the most interesting exploration well projects. Talos Energy is the well operator and owns 35 percent of the venture, with Premier holding 25 Percent and Sierra holding 40 percent in the project.Talos Energy was started by Tim Duncan with $600 million in equity from backers involved in other oil and gas ventures.
The original entity produced more than 15,000 barrels of crude oil per day with a team of more than 60 professionals located in Houston, Texas. The total number of team members is 120 employees, increased from 15.Workplace Dynamics named Talos Energy the best workplace in the local small business environment. While the perks of on-site day care and happy hour on Friday are enjoyed by the employees, it was the equity each person receives for being an employee that makes the most difference. Giving employees a stake in the company provides an incentive for the team to work together for the betterment of the company. Everything each team member does can make or break the company and knowing that allows team members to be more conscientious. Talos Energy is well positioned to expand and continue to grow.
Source of the article : http://www.riverstonellc.com/#!partners/exploration-and-production/talos-energy-llc