For nearly eight decades, no one has sunk any oil wells in Mexican waters other than Mexican companies. But that all changed recently. A group effort of three foreign country companies – Talos Energy, Premier Oil, and Sierra Oil and Gas – has launched. The move is supposed to really get foreign investment back into Mexico’s energy market, which has been struggling.
Formerly, only Pemex, a Mexican oil company that was nationalized, could drill for oil in the country. That rule has been in effect since 1938. But now, off the Sureste Basin in Tabasco, drilling has commenced. The well is estimated to hold up to 500 million barrels of crude, with at least 100 million guaranteed.
The three companies won the right to take lead of the project and the profits after they won a bidding war that took place in 2015. Talos will be operating the well. They hold 35% of the rights, Sierra holds 40%, and Premier has 35%. Experts say that the whole industry will be watching due to it being the first of its kind. Analysts predict that the well will produce up to expectations.
Talos Energy is an oil and gas company that was founded in 2012. It is equity backed, having $600 million in funding when it was started by its parent company Phoenix Holdings. The company focuses on exploring off shore in the Gulf of Mexico and Mexico. They have partnered with Apollo Global Management and Riverstone Holdings to purchase assets along the coast.
The company focuses on finding, optimizing, and exploiting assets while exploring them. The company has had success in this, as they have recently acquired a company from under Helix Energy Solutions for $600 million. The company goes through about 16,000 barrels of oil a day that they are able to process. Since their inception, the firm has grown from just 15 employees well up past 120 people. There are many perks for working for Talos, including a built in daycare facility, and profit sharing. The profit sharing is significant, even for receptionists and scientists because company does an impressive $500 million in revenue per year.
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