It’s definitely pretty big news in Mexico when anybody outside of Petroleos Mexicanos starts drilling for oil in Mexican waters. You see, Pemex is Mexico’s state-run monopoly and they’ve been the only one drilling in that country ever since the Mexican oil industry was nationalized way back in 1938.
Now, on May 21, 2017, offshore drilling commenced at a Mexican well, dubbed Zama-1, which is located offshore near Tabasco. It’s holding approximately 100 to 500 millon barrels of crude. The drilling is a JV between Talos Energy LLC of Houston, Premier Oil Plc of London, and Sierra Oil & Gas of Mexico. According to a statement from Premier, Talos owns a 35 percent of the venture is operating the well. Premier holds a 25 percent stake and Sierra holds 40 percent.
Premier is footing the bill for the 90-day drilling operation to the tune of $16 million. Together with Talos and Sierra, they won the drilling rights in 2015 during a first round of bidding following Mexico’s vote on opening their struggling oil industry to private investors.
Talos Energy is a closely held Texas company that was founded by Tim Duncan and his partners using the considerable company equity in the amount of $600 million from prior backers along with their Gulf of Mexico assets. Those particular assets were responsible for producing 16,000+ barrels of crude per day in 2016. Talos was also assisted by more than 60 Houston professionals in the field of oil drilling.
Now, including the field operators on the Gulf Coast, Talos has 120 employees. In 2017, WorkplaceDynamics named the company as small business’ best workplace. Talos attributes this to their work-hard/play-hard dynamic, which includes on-site daycare and happy-hours on Fridays. Sounds like a great place to work, whether you’re a family man or woman or just a party animal!