For 80 years Mexico has kept its oil and gas industry nationalized. Its plan was to protect profits and revenues to reinvest back into their government and economy. However, this plan has failed. With a poor oil and gas economy, it has finally opened its energy industry back up to private companies. The first well has been sunk, thanks to join venture of three companies and learn more about Talos Energy.
Three companies are Talos Energy, Premier Oil, and Sierra Oil and Gas. They hail from Houston, Texas, London, and Mexico, respectively. This is the first private drilling operation in Mexico since 1938 when the country first nationalized it. Since then, it has always been Petroleos Mexicanos (Pemex) who did all the drilling. Now, that has changed and Talos Energy on Facebook.
The new well is called Zama. It is sunk off the coast of the Mexican state of Tabasco in the Sureste Basin. About 100 up to 500 million barrels of crude are estimated to reside in the well. And the companies didn’t get into the deal cheaply either. Premier alone invested $16 million to share its piece and more information click here.
The bidding for the project began back in 2015. The three companies won, sharing it as follows: Talos will operate it and receive 35%, Sierra 40%, and Premier 25%. Because of the geology and location, industry experts predict a successful operation. This will certainly draw the attention of other investors and company in the industry who are seeking to invest in Mexico’s energy markets and Talos Energy’s lacrosse camp.
Talos Energy is the Houston branch that is participating. The company was founded on the basis of exploring and producing oil off the Coast of the U.S. and Mexico. Recently it acquired partner company Helix Energy Solutions for around $600 million.
The company is well known for its open and friendly working atmosphere. They have built in daycare services for parents, and even happy hours on Fridays. In addition, the employees work together as a team to increase the profits. Unlike other companies where only salaries are being paid, the employees (even receptionists and geoscientists) receive a piece of the equity. While hard to calculate, the company’s worth is growing thanks to their $475 million in revenue this year alone and http://www.wingsjournal.com/can-new-oil-ventures-talos-energy-lower-airfare.