In bringing the nationalization of the Mexican oil industry to a climax, the country’s energy ministry took a step in allowing foreign companies a chance to drill oil. Further, it offered for these companies to have a share in the country’s energy market. In making history after 80 years of oil nationalization efforts, joint efforts of three companies namely: Premier Oil, Talos Energy, and Sierra Oil have led to the sinking of a new offshore oil well. The oil well dubbed Zama-1 well is estimated to have 100 to 500 million barrels of crude oil when in operation after 90 days.
An Evidence of Commitment by the Mexican Government
Due to the various challenges ailing the Mexican energy sector, the $16-million worth project is a testament that Mexico has made true their commitment to resuscitating this sector regardless of the complexities that the reform process had to undergo. The reform process has also defined various shareholding capacities to the three companies where Talos will reserve the operation role. Regarding ownership, the distribution will have Talos owning 35% of the total stake, as Sierra will hold 40%. Premier will hold 25% in this venture.
Rise of Talos Energy
Talos Energy was established as part of an equity plan by Tim Duncan and his partners from their previous Phoenix Exploration Company. With an estimated $60 million to kick off, the company’s assets claimed over 16,000 barrels of oil from their project in the Mexican Gulf. Such is the company’s financial stability with the enormous stakes it controls in the Mexican Gulf.
A Reliable Workforce
Currently, the company has a total of about 120 workers, up from 15 when it started out in 2011. Talos has grown to be one of the most reputable oil drilling company. Early this year, Talos Energy was named by WorkPlace Dynamics as the most conducive workplace environment. Mr. Duncan hails his co-operative team for all the accolades that the company has received so far in their daily endeavors. Talos Energy still envisages massive growth courtesy of the various strategic plans that the CEO has put in place. One of the plans has been the acquisition of other companies in the industry.