After 8 decades of a monopoly led oil industry, the Mexican government finally agreed to let private investors come in and rescue the situation in the industry. The private company that won the tender was a combination of 3 companies, Talos Energy, Premier Oil and Mexico’s Sierra Oil & Gas. The drilling of the Zama-1 oil well began in May. Previously, Petroleos Mexicanos is the only company that controlled the oil industry in the country and it is owned by the state.
The well is located at Sureste Basin and has been estimated that it will produce 100-500 million barrels. The drilling was anticipated to last for about 3 months in total. The whole investment is been watched keenly by a lot of people as this will be a huge change for the whole country. The three companies hold different shares in the Venture. Talos Energy comes in second, after Mexico’s Sierra, with a 35% venture stake and read full article.
Talos Energy was begun using the equity that was worth six hundred million dollars and various assets that produced over sixteen thousand oil barrels each day in the Gulf of Mexico. They had a team in Houston that compromised over 60 experienced people and others who worked in the Gulf of Mexico. As much as it is a small company, it has been recognized as the best workplace by WorkplaceDynamics. They give their employees a chance to own equity in the company and talent is well rewarded and their Facebook.
A Helix Energy Solutions’ subsidiary was previously acquired for 620 million dollars with a motive of satisfying the growing demand. Talos is using this strategy to grow and expand its operations. Talos Energy has put aside another chunk of money in anticipation of purchasing another oil and gas company. They are looking to provide employment and increase their revenue through this strategy. Duncan, the Chief Operating Officer at Talos, has instilled some good work ethics and has opened his door to his employees to discuss any innovative ideas they may have. Duncan has always had a keen eye for innovation and that is how he managed to climb up the ladder in the industry and learn more about Talos Energy.