If you’re unfamiliar with Talos Energy LLC, it is an oil and gas company that has recently entered into a business venture with Premiere Oil and Sierra Oil. The business venture has afforded Talos Energy the opportunity to sink a new offshore oil well in Mexican waters, which constitutes a significant resumption after an almost 80-year break, from private company offshore oil wells in Mexico. According to WorkBoat (an online resource for commercial marine professional), the business endeavor will likely drive foreign competition in the Mexican energy market.
The first offshore exploration well drilled by Talos, and its business partners, was the Zama-1 well, which is located in 546 feet of water and 37 miles from the Port of Dos Bocas. The well reached an initial vertical depth of 11,100 feet. In a Market Watch article, Tim Duncan (President and CEO of Talos Energy) stated: “We believe this discovery represents exactly what the energy reforms intended to deliver: new capital, new participants and a spirit of ingenuity that leads to local jobs and government revenues for Mexico.” When asked about the future for Talos Energy, Duncan states that the company is excited to appraise the discovery of the Zama-1 well, and they look forward to not only continued drilling but also maintaining their momentum, by adding new drilling opportunities as well.
Talos Energy is a privately held company founded in 2012 by Tim Duncan; the company got its start as a result of 600 million in equity, generated from private equity investors Apollo Global Management Riverstone. Talos Energy boasts a workforce of 120 employees and is headquartered in Dallas, Texas, and according to Chron.com, since entering offshore well drilling in Mexico, the company has produced more than 16,000 barrels of oil daily. These oil barrels translates to energy for homes, cars, businesses, and spurs the creation of jobs. Although the success of the Zama-1 well was immense, it was a joint effort; according to Market Watch, a financial information website, the offshore exploration that discovered oil is comprised of diverse participation interest:
35% participation interest from Talos Energy·
40% participation interest from Sierra Oil and Premiere Oil·
President and CEO Tim Duncan cites hard work on the part of Talos Energy’s operation team and the successful collaboration with Sierra Oil and Premier Oil, as the basis for the company’s success. To know more about Talos Energy click here.