The combined efforts of Talos Energy and two other corporations have led to a joint venture that will create the first foreign-controlled oil well to be placed in the waters controlled by Mexico in over 80 years. The oil industry in Mexico has been nationalized since 1938 through the state company Petroleos Mexicanos, making the new privatized venture an extremely rare occurrence.
The well in Mexican waters will be able to hold up to an approximate quantity of 500 million crude barrels. Projections show that the drilling in the well should take about three months for completion. The total cost will be $16 million, after the companies involved were granted the rights. Mexico reopened its oil industry to private business investments in 2015 due to a declining market. Premier Oil, partnered with Talos Energy and Sierra Oil and Gas, won the newly implemented first round of bidding and Talos on Facebook.
With a close proximity to the drilling site, Talos Energy will be the operator of the well. The oil and gas company currently has a 35 percent stake in the venture and will oversee the drilling process. Geoscientists behind the exploration have stated that the Zama Basin in Mexico has shown promising signs of being a successful drill site and more information click here.
Talos Energy was officially founded in 2012, and the company has already prospered due to its management team’s extensive experience in the field. The goal of Talos Energy is to acquire areas for research and exploration underwater, particularly in the Gulf of Mexico. The company also utilizes the most advanced technologies to locate and acquire energy assets that can then be optimized for gas and oil refining and their Website.
The team behind Talos Energy strives to work as a group. As a result, Talos Energy creates a concerted effort to cultivate compliant operations in offshore exploration that are safe for the environment. Talos Energy is comprised of dedicated industry professionals involved in private investing and growth for other businesses. The team previously created two other companies known as Gryphon Exploration and Phoenix Exploration, which were eventually purchased and allowed Talos Energy to officially open its doors and learn more about Talos Energy.