After more than 8 decades, a private company finally decided to drill a well in the waters of Mexico. This was a way for the country to create competition in the energy industry. Premier Oil, Mexico’s Sierra Oil & Gas and Talos Energy joined hands and the project began in May. Prior to this venture, the industry was a monopoly which was run by Petroleos Mexicanos. It was a big change in the country considering the norm since 1938.
The well, Zama-1, that was being drilled was expected to produce one hundred to five hundred million crude barrels. The well is located at the Sureste Basin. Drilling was going to take an average of 3 months. The companies won the bid in 2015 when the industry was opened to private investors due to the suffering that this industry was undergoing in Mexico at the time. This investment is been watched closely by many people as it is one of its kind.
Talos Energy holds 35 percent of the Mexico oil drilling venture. It is the second largest investor after Premier Oil. Tim Duncan alongside his partners began Talos Energy with equity worth 600 million dollars and assets from previous investments. This company has been named as one of the ideal workplaces by WorkplaceDynamics when their work and social ethics are taken into place. Even if they are not the best paying employers, they give equity shares to their employees. Duncan is the CEO at Talos Energy and he is focused on building an empowered team through his strategic management.
Talos Energy acquired a Helix Energy Solutions’ subsidiary, Energy Resource Technology GOM Inc., to enhance their productivity in gas and oil. It cost them a sum of 620 million dollars and they are in the market again looking to make an acquisition of yet another company for 475- 500 million dollars. The company’s goal is to expand further as they create more employment opportunities. Duncan is growing Talos into a big company through his experience and leadership skills. He is a known figure in the industry and his opinions have been highly held by people in senior positions. The headquarters of Talos Energy is in Houston. The company continues to acquire gas and oil companies to expand its production in Mexico.