In Mexican waters, for the first time in almost 80 years a new offshore oil well was sunk by a private company in hopes to be able to allow competitors back into its energy markets. On may 21, the drilling was started by Sierra Oil & Gas, Talos Energy and Premier Oil, which was all said in a statement by Premier last week. This will be the first offshore exploration that has happened since the country chose to nationalize all its oil in 1938. 90 days is all that it is estimated for the drilling to take.
Holding an estimated, yet astonishing 100 million to 500 million barrels of crude, is the Zam-1. In 2015 the three companies won the right to prospect, Thus this allowed them to be able to bid after Mexico voted to open up to private investment. Premier states that venture owns about 35% of the stake, Sierra about 40% and Premier about 25%.
Phoenix Exploration, by 2011, was able to double their companies size and sold it to Apache Corp. Forced to restart Duncan and his partners were able to start up Talos Energy with equity from previous backers, that estimated at about $600 million. With this they were able to produce about 16,000 barrels of oil a day last year, 70% of oil-weighted and also was able to produce a team of 60 professionals in Houston. According to WorkplaceDynamics Talos was named one of the best local small businesses to work for.
Tim Duncan is the President and the CEO of Talos Energy LLC. Headquartered in Houston, Talos energy is affilated with Apollo Global Management, LLC and Riverstone Holdings LLC, which happened to of been able to commit $600 million to Talos in February of 2012. Talos is seeming to be moving up in the world of oil drilling and is hoping to keep going.
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