The full opening of the Mexican oil and natural gas industry to private investment got a little closer this past May when American company Talos Energy, English firm Premier Oil PLC, and Sierra Gas & Oil of Mexico sunk an offshore oil well in the Gulf of Mexico and started drilling. Petroleos Mexicanos, the state-run oil monopoly, had been the only company to drill for oil in Mexican waters since 1938 when the oil industry was nationalized.
The offshore oil well is located in the Sureste Basin near the Mexican state of Tabasco. The Zama-1 well has a high geological expectation of success, and hopes to tap into the almost 100 million to 500 million barrels of crude that are in the Sureste Basin. Talos will operate the well, and holds a 35% ownership stake, with Premier owning 25% and Sierra owning 40%.
Talos Energy is a Houston-based oil and gas company. It is a private company that focuses on exploration, development, and production of oil and natural gas in the Gulf of Mexico and the Gulf Coast. While the company was founded in 2012, CEO Timothy Duncan is a veteran of the oil and gas industry. Duncan started out at Gryphon Exploration, and was a part of Phoenix Exploration before the company was sold to the Apache Corporation in 2011. Looking to start a company that rewarded workers who wanted to share ideas and act as entrepreneurs, Duncan founded Talos in 2012 with some of this previous partners at Phoenix Exploration.
Named as the top small company to work for in 2013 by the Houston Chronicle, Talos Energy rewards the talent at the company not with perks, but instead with equity. Talos compensates all employees with a stake in the company, including the receptionists and the geologists, as well as the upper management of the firm. By including each and every employee in the future success of the company, the firm has shown a commitment to innovation and the entrepreneurial spirit, something that one often finds in tech start-ups, but rarely in the oil & gas industry.
Their Facebook Page: https://www.facebook.com/talos.energy/