Since 1938, Mexico has had its oil industry nationalized, a situation which has locked out private companies from any oil exploration in the country. The situation has since changed following a step by the state to make its regulatory framework more flexible to allow foreign competitors to support its markets. The first company to sink an offshore well, The Zama-1, in the Mexican Waters is Houston’s Talos Energy in a joint venture with Premier Oil Plc as well as Mexico’s Sierra Oil &Gas. According to Premier, the well holds close to 500 million barrels of crude which will see the drilling take up to 90 days at the cost of $16 million. The well is expected to raise attention by the industry as well as interest because it’s the first non-Pemex well of its kind in the Mexican waters.
Talos Energy’s primary focus as a private oil and gas company goes beyond the exploration of wells to include the acquisition of oil as well as gas properties. Its priority areas are the Gulf of Mexico and the Gulf Coast. Before its establishment in 2012, the company had built and sold Phoenix Exploration Co. as well as Gryphon Exploration Co. which had all delivered huge returns regarding equity investments. Additionally, the company prides itself on the best workplace environment with over 60 professionals based in Houston who together with field operators make up 120 employees of the company.
Amidst its great strides, Talos Energy’s commercial manager Ash Shepherd sites regulatory frameworks as among the key challenges that contribute to few shallow water opportunities in Mexico. Despite these difficulties, Talos Energy continues to build and grow the world-class company at a fast pace and strong commitment that will ensure environmentally sustainable operations by the firm. Further, the company aims at seeking competitive edge that strives to explore better ways in which the firm can operate.
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