Talos Energy a Leading Oil and Gas Exploration Company in the Gulf of Mexico and Gulf Coast
In a historic move, the Mexican waters have been opened for exploration by a private company something that has not been witnessed for the last 80 years. The drive is geared to ensuring that there is increased competition in the Mexican energy markets which has for 80 years been a monopolistic market.
The private companies that have been allowed to sink a new offshore well at the Mexican water in a joint venture are Premier Oil Plc, Talos Energy LLC and Sierra Oil & Gas of Mexico. The exploration according to Premier Oil Plc began on May 21. It is the first time that companies other than the state-owned Petroleos Mexicanos have been allowed to drill oil in the Mexican waters since Mexico nationalized its oil industry in 1938.
The exploration is taking place at the Zama-1 well which is situated at the Surest Basin off the state of Tabasco and is estimated to hold between 100 million and 500 million barrels of crude oil. The exploration will approximately last for 90 days at a cost to Premier of about 16 million dollars. The three companies were awarded the contract after successfully winning the prospects in the first round of bidding just after Mexico passed a bill that opened the doors of private investment to the ailing oil industry.
Being the first joint private venture to have ever been launched in 80 years the project will be keenly watched by the industry players. Researchers and analysts are suggesting that the exploration has a high chance of geological success.
Talos oil based in Houston is the operators of the well, and they own a 35% stake in the venture. Sierra and Premier hold 40% and 25% stake respectively.
Talos Energy is a portfolio company of funds that is affiliated with Apollo Global Management, LLC and Riverstone Holdings LLC both of which contributed up to 600 million dollars in equity to Talos Energy in February 2012.
Talos Energy has focused its exploration and acquisition of oil and gas properties around the Gulf of Mexico and Gulf Coast. The President and CEO of Talos Energy is Tim Duncan.
Their Facebook Page: https://www.facebook.com/talos.energy/