Due to its falling energy market, Mexico voted to allow foreign competitors back into the market. This has not been allowed in almost 80 years and it is the first time an offshoot exploration has been launched in Mexican water by anyone other the state run monopoly, Petroleos Mexicanos. They have been in control of market since the 1930s when Mexico nationalized its oil industry.
Talos Energy from Houston, Premier Oil Plc from London, and Sierra Oil and Gas from Mexico are the three companies awarded with the honor of working on this project. The project is called Zama-1 and drilling on the well will begin on May 21. This new venture could be revolutionary for the Mexican oil industry and it is being watched by many people with keen interest to see how it will affect the market on oil in Mexico. The location is thought to be ideal in terms of geography and structure–it is located in the Sureste Basin right over the state of Tabasco. It is believed to hold an esteemed 100 million to 500 millions barrels of oil. The project should take approximately 90 days in its entirety and cost Premier somewhere around 16 million dollars.
Talos Energy has a 35% stake in the Zama-1 well and is the operator of the project and drilling. The company is relatively new and is already making huge strides in its presence in the oil industry. The employees at Talos Energy are known to be well respected and well treated, which has earned Talos an award for being one of the best places for employment in the Houston area. They do this allowed all their employees a small piece of equity in the company, no matter their job. Each individual employee is valued at Talos Energy.
In 2013, Talos Energy’s wholly owned subsidiary,Talos Production LLC, acquired the Energy Resource Technology GOM which was one of Helix Energy’s subsidiaries. This is huge for the company because Energy Resource Technology collected an average of 16,000 barrels of crude oil every day in December of that year. ERT also recently experience success in their Wang exploration venture, which identified over 100 feet of the high quality oil in the Phoenix Field.
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