Over this past summer Talos Energy partnered with London’s Premier Oil and Mexico’s Sierra Oil & Gas to operate an oil drill in the Sureste Basin off the state of Tabasco. Mexico’s Petroleos Mexicanos is a state run drilling company that has had an eighty year monopoly up until this point and more information click here.
Zama-1 is the first well that was drilled under Mexico’s new energy reform process, allowing outside companies the chance to bid on drilling projects thereby boosting Mexico’s economy. According to structural reports, the basin looks to be high geological success. Zama-1 had a projected 100 to 500 million gallons of crude oil and the drilling is slated to last 90 days. Drilling is expected to cost Premier Oil $16 million dollars. Since this is the first well drilling by outside companies, the rest if the drilling industry is watching the process closely. Premier Oil has a 25% stake in the project, Sierra Oil & Gas holds a 40% stake, and Talos Energy is the operator of the well and holds a 35% stake.
Talos Energy has been rapidly growing the last year, from 15 employees to 120, and is slated to expand even more in the coming year. Tim Duncan and his partners started Talos Energy in 2012 with $600 million dollars and assets in the Gulf of Mexico. Tim and his partners run Talos Energy a bit differently, offering stock in the company to all employees no matter their position. The attitude that Talos Energy is employee owned extends to problem solving. All employees are allowed to make suggestions for problem solving and improvement. This philosophy has made for a more dynamic workplace with a greater amount of work getting done. After the acquisition of Helix Energy Solutions, Talos Energy is not slowing down anytime soon. To read more about Talos Energy and Tim Duncan, what Talos Energy knows.