Talos Energy: The First Private Oil Well in Mexican History

For a long time, Bloomberg has made a milestone for the first time after almost 80 years; this privately operated company has sunk a new offshore oil well in the Mexican waters. This marks the most current achievement in the country’s plan to let foreign contenders back into its system of market energy.

A combined venture situated in London’s premier Oil Plc, the Houston Talos Energy LLC and Mexico’s Sierra Leone Oil and gas well, was opened for drilling on May 21 according to the statement made by Premier. This is the first offshore drilling well to be initiated by anyone apart from the state-run monopoly of Petroleos Mexicanos since the time the nation legalized its oil industry in 1938.

The drilling operations in Zama-1 located in the Sureste Basin off Tobasco State is approximated to contain 100million to 500million barrels of crude oil. The exercise is estimated to be done for at most 90 days to get completed at the cost of 16 million. Three companies which qualified the rights to the prospect of 2015, during the round one of the bidding when Mexico contested to start ailing oil industry to private investors.

Elaine Reynolds, a London based analyst, said “As the first non-Pemex well to be drilled since the opening up of Mexican waters as part of the country’s energy reform process, this well will be keenly watched by the industry,” a statement made in a note to the clients. The rock structure of the basin showed that that the project had a “high geological chance of success.”

Talon energy was co-founded by Duncan Tim, and his partners at the cost of $600million in equity from past backers, assets situated in the Gulf of Mexico were drilled more than 16,000 barrels of oil every day in 2010. The company had a staff of 60 plus professionals, field operators who worked along the Gulf coast increased the company’s employees to 120, from 15 headcounts when the company made a deal with private equity merchants-the Apollo Management and Riverstone Holdings.

Workplace Dynamics recognized Talos as the salubrious workplace among the local small business holdings, which Duncan says the honor wasn’t by offering work-hard, play-hard perks especially on Friday happy moments or even by on-site daycare activities.