Premier Oil (an independent UK oil company) and Talos Energy (an independent U.S oil & gas firm) are the new entrants to the Mexico’s energy sector, particularly the oil & gas industry. Of course, it is not peculiar for multinationals to operate in foreign countries (that is why they are established in the first place), but Mexico’s case is different. The country, in 1938, settled on nationalizing petroleum reserves, facilities, and foreign oil companies. For close to 77 years, the country’s energy sector was a one-person show; state-owned Petróleos Mexicanos (better known as Pemex) single-handedly controlled the industry. However, the country’s fortunes in the energy sector under Pemex dwindled leading to a decision in 2015 to invite foreign firms back in to the country and learn more about Talos Energy.
Premier, Talos, and Sierra Oil & Gas (a local firm) confirmed that they would work together to drill the first non-Pemex oil well, the Zama-1 Well. The well situated in the shallow waters of the Gulf of Mexico holds an approximated 100 million to over 500 million barrels of “black gold.” In a statement issued by Premier to the public in mid-May this year, drilling would begin on 21 May 2017 and reach completion after 90 days. The well would cost the UK based company, which owns a 25 percent stake in the venture, $16 million and Talos Energy’s lacrosse camp.
Talos Energy is in charge of the Zama Well. The Houston headquartered company is the second largest shareholder in the venture with a 35 percent stake. The company which focuses on upstream oil and gas exploration was founded in 2012. It is backed by investment capital associated with Apollo Global Management, Riverstone Holdings LLC, and Talos management. Tim Duncan is the CEO & President of the company and Talos’s Facebook.
Talos Energy is scaling the heights of the global energy sector. In 2013, just a year after it was established, Talos bought Helix Energy Solutions for a whopping $620 million. In the same year, WorkplaceDynamics named Talos the “Best workplace Among Local Small Businesses.” Duncan attributed the satisfaction by the firm’s employees to Talo’s policy to enable workers to own a piece of the equity pie and their Website.
Other Reference: http://www.talosenergyllc.com/about-us/