It has been almost 80 years since a privately-owned company sunk a new oil well offshore in the Mexican waters. This is a huge step in the country’s bid to draw back foreign competitors to the energy markets. The oil well was a collaboration between Houston based Talos Energy LLC, British based Premier Oil Plc, and Mexico’s own Sierra Oil and Gas. The companies began drilling the oil well in May. Before this, all other explorations were run by Petroleos Mexicanos, a state-owned monopoly that was founded in 1938.
The oil well was named Zama-1. It is located off Tabasco state in the Sureste Basin. Experts state that it holds about 100 to 500 million barrels of oil. Premier Oil approximate the drilling to take about 3 months to complete, at a cost of $16 million. Premier Oil has a 25 percent stake in the well, Talos Energy owns 35 percent and Sierra Oil and Gas command the lion’s share of 40%.
Tim Duncan started Talos Energy with an equity of $600 million from previous assets. The current commodity prices experienced in the country pushed Tim and his partners to start the company. The company boasts of having one of the best working environment for employees. Workplace Dynamics awarded Talos Energy the best small business workplace. Employees find Talos Energy an invigorating work set up that makes them feel like their efforts mean something to the company.
Talos Energy is a subsidiary of Talos Production LLC. The headquarters of the company is found in Houston, Texas. Talos Energy also funds Apollo Global Management, LLC as well as Riverstone Holdings LLC. In 2012, Talos Energy used funds from the two companies to fund its projects. Ash Shepherd is the commercial manager of Talos Energy. He was responsible for signing the first two contracts that document the production sharing agreement of 2013. This agreement saw Talos Energy become the first foreign oil well company in Mexico. Ash Shepherd received the Thirty Under 40 Oil and Gas award. Ash joined Talos Energy in 2014 as the company’s legal advisor. His outstanding management qualities managed to help him grow in the company until his current position.
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