Oil is a lucrative fossil fuel that plays a critical role in the everyday existence of a human being. For the longest time, the Mexican oil industry has been run by the government and thus making it hard for foreign companies to join the energy market. Recently, the government has relented on its hard standings and has allowed foreigners to enter the oil business. As a result of the new reforms, numerous players have taken strategic positions to ensure they reap big from the rare opportunity. Talos Energy is one of the leading heavyweights in the oil industry that is prepared to enter the Mexican sector and take advantage of the government’s decision. The conglomerate entered into a partnership with Premier Oil Plc, and Sierra oil & Gas to start operations in Mexico.
The first foreign offshore well will be located in Sureste Basin.The well is referred to as Zama-1 and is estimated to contain between 100 and 500 million barrels of unexplored crude oil. According to Premier Oil Plc, the drilling works at Zama-1 should take less than 90 days, and they estimate it will cost $16 million. When the Mexican Government made their decision to open their oil industry to foreign companies, the three companies were the first to make their bid for the exploration rights, and they won during the first round.Talos Energy is among the most respected enterprises in the gas and oil exploration industry.
Talos is the brainchild of Tim Duncan and several other partners after they acquired equity worth over $600 million. The firm has a workforce of about 120 workers and is capable of producing more than 16,000 barrels of crude oil per day.For the period of Talos Energy has been operational, it has achieved several accomplishments that were previously reserved for experienced companies in the industry. The firm was ranked the best SME to work for by research company, Workplace Dynamics. Tim Duncan attributes these feats to the enterprise’s culture, workplace policies, and real structures. Talos Energy has allowed its employees to hold equity. This strategy has impacted a sense of ownership between workers and team players and has enabled the company to function as a unit.